Coast National Bank, which entered into a formal agreement with federal regulators about three years ago to strengthen its financial performance, has received official word that the consent order has been lifted.
In terminating the consent order, the Office of the Comptroller of the Currency wrote that it believes that the protection of the depositors, other customers and shareholders of the bank, as well as the banks safe and sound operation, do not require the continued existence of the order.
The bank is still subject to some continuing conditions under an informal agreement, however. These make sure the bank maintains enough capital cushion to protect against losses and support future growth as was required under the consent order, according to Coast National Bank chief executive officer Anita M. Robinson.
Robinson praised the staffs diligence in taking the necessary steps to improve the banks condition and restore the confidence of its loyal customers and the community.
Coast National, established in 1997, reported 2013 year-end total assets of $120 million, up 6.9 percent from the year-earlier period, and total deposits of $111.6 million, up 6.7 percent.
Net profits were $1 million, up significantly from the $88,000 net profit reported in 2012.
When the year-end results were released Feb. 12, Robinson noted in a news release that the banks positive turnaround progress continued. And with the ongoing focus on community and small-business lending, Coast National Bank is poised to move into an era of rebuilding and growth.