Bloomberg reports that Nexity Financial Corp. has filed for bankruptcy. According to Bloomberg, “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.”

On July 15, the company reached an agreement to restructure their debt with 88 percent of the debt holders. The debt is currently valued at $36 million. The Chapter 11 case would be the final chapter in the restructuring of the company’s debt.

According to Bloomberg, September will mark the absence of the company’s quarterly reports to the SEC at two years. Regulators have already issued a cease and desist order for the bank.

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