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Byline: Carol Hazard
Jul. 13--Consolidated Bank & Trust has two weeks and two days to figure out how to raise $3 million.
The Richmond-based bank must submit a capital restoration plan to federal and state banking regulators by July 29. Regulators will have 60 days to respond.
The capital infusion is needed to replenish money that has been set aside for bad loans.
The bank's problems stem from an $11.3 million loan portfolio administered by United Leasing Corp. of Mechanicsville.
The leasing company has been in business 30 years. It has had a relationship with the Richmond-based bank for about as long and has never had trouble …