Nexity Financial Corp., a holding company for Nexity Bank, filed for bankruptcy protection.
The Birmingham, Alabama-based company listed both assets and debt of as much as $50 million today in Chapter 11 documents in U.S. Bankruptcy Court in Wilmington, Delaware.
Nexity said July 15 it reached an agreement on a restructuring with holders of 88 percent of its $36 million in debt. The company said in a statement that it would file a so- called prepackaged Chapter 11 case to complete the restructuring.
The company hasn’t filed quarterly reports with the U.S. Securities and Exchange Commission since the quarter ended in September 2008. Nexity Bank is operating under a cease and desist order issued by regulators.
The case is In re Nexity Financial Corp., 10-12293, U.S. Bankruptcy Court, District of Delaware (Wilmington).