Regulators lift enforcement action against Ocean Bank

Ocean Bank said Thursday that the Federal Deposit Insurance Corp. and the Florida Office of Financial Regulation have terminated a consent order issued against the bank in 2011.

The Miami-based bank said it put into place a rigorous plan to enhance its systems and procedures in the areas of anti-money laundering and ‘know your customer’ requirements. It said it also increased capital through earnings, improved its loan portfolio, divested non-performing assets, streamlined its operations and recruited talented executives.

Ocean Bank improved its capital ratios to 8.69 percent leveraged capital ratio and 13.31 percent total capital ratio. Both ratios are far in excess of the 5 percent and 10 percent ratios needed to be classified a “well-capitalized bank,” and above the levels of 8 percent and 12 percent prescribed in the enforcement action, the bank said.

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