The Office of the Comptroller of the Currency has released Pacific National Bank from all regulatory enforcement action, the Miami-based bank announced on Monday.
PNB entered into a consent order with the Office of the Comptroller of the Currency in December 2010 that was lifted on June 15 of this year.
“This is the successful culmination of our rigorous plan to bring the Bank into full compliance with the regulatory and safety and soundness issues outlined in the 2010 Consent Order,” said Carlos R. Fernandez-Guzman, president and chief executive of PNB, in a statement. “Over the last five years we focused on addressing the root cause issues that led to the regulatory deficiencies, and developed a sustainable community banking model that ensures ongoing compliance, safety and soundness, and our ability to evolve as the regulatory and business environments change over time.”
PNB is a Bauer Financial four-star rated bank. It was established as a national bank in 1985 and had $408 million in assets on June 30, 2015.