Albina Community Bancorp in Portland, Ore., has filed for bankruptcy. Albina had been deferring interest payments to Hildene Capital Management for five years. The hedge fund invested in a collateralized debt obligation backed by Albina's debt. But the bank has been operating under a written agreement with the Federal Reserve Board that forbids it from paying its trust-preferred debt without regulatory approval. Hildene had threatened to force the company into involuntary liquidation if it defaulted. The company's board resigned as of the bankruptcy filing, which showed $7.5 million in liabilities and $1.3 million in assets. Hildene has raised the possibility of legal action against Albina's directors, as well as Beneficial State Bank, which recapitalized Albina last year.