BANKING AND FINANCE

Southeast Bank Sums Up the Bad News: The latest grim chapter concerning Southeast Banking Corp. is summed up in its quarterly filing with the Securities and Exchange Commission. The documents said any takeover deal would need government assistance and that the bank has been borrowing from the Federal Reserve. In addition, Southeast said its deposit base continues to shrink. Southeast Chairman Douglas Ebert said the bank is attempting to negotiate a merger or cash investment with several potential saviors. The bank said it intends to either merge with another institution or sell new stock and restructure its long-term debt and preferred stock.