SCMF Southern Community Financial Corp. (MM)

The Federal Reserve said Tuesday it executed an enforcement action against Southern Community Financial Corporation (SCMF).

The action bars the Winston-Salem, N.C., bank from declaring or paying dividends, distributing interest, principal or other sums on subordinated debentures or securities, and incurring or guaranteeing debt without the Fed's approval.

Southern Community Financial also is required to submit to the Fed a cash flow projection for 2011, as well as a plan to maintain sufficient capital and regular progress reports.

-By Jeffrey Sparshott, Dow Jones Newswires; 202-862-9291; jeffrey.sparshott@dowjones.com

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