Macon-based Atlantic Southern Bank is under a Cease and Desist order.
The Georgia Department of Banking and Finance and the Federal Deposit Insurance Corporation (FDIC) issued the order.
The move comes following an examination of the bank's finances.
As part of the order Atlantic Southern must improve oversight by the board of directors, tighten lending practices and maintain capital.
Bank officials say they are working with regulators to improve conditions.
Contributors: From staff and wire reports