The Federal Deposit Insurance Corp. has ordered...

The Federal Deposit Insurance Corp. has ordered Landmark Thrift & Loan, a wholly owned subsidiary of Olympian Bancorp., to improve its net worth ratio by adding about $300,000 in capital, according to Landmark President James Miller.

Olympian’s board of directors has “already initiated a recovery plan to comply with regulatory requests and time frames,” according to a prepared statement issued by Olympian Chairman James Marinos on Tuesday. Landmark plans to increase capital by about $500,000 before Dec. 20, 1988, according to Marinos.

That would increase Landmark’s net worth ratio to about 7.5%, according to Marinos. The FDIC order requires Landmark to raise its net worth ratio to 7.5% and to maintain that ratio at 7%.

Olympian will hold a special shareholders’ meeting Oct. 19 to “discuss alternatives for acquiring the prospective capital,” according to Marinos. The Mission Valley-based company is considering the sale of more shares to existing stockholders as well as a proposal that would turn 51% of Olympian Bancorp’s shares over to an unidentified investor, according to Marinos.

FDIC on Oct. 3 ordered Olympian to improve Landmark’s net worth ratio. That cease-and-desist order required a number of operational changes, according to Marinos. Landmark reported $32 million in assets and $25 million in deposits during the most recent quarter.