Intercredit Bank announces return to profitability

Miami-based Intercredit Bank announced net income of $234,000 for 2014 after losing $1.5 million the year before.

Intercredit also maintained its status as a “well-capitalized” bank, posting a Tier 1 leverage capital ratio of 9.39 percent. In an earlier enforcement action, regulators required the bank to keep a capital ratio of at least nine percent.

“We have made significant progress in all areas of the Bank and we expect profitability to steadily increase as the changes we have made, and plan on making, take hold,” CEO Simon Cruz said in a statement. The bank also said it had elected Jorge I. Triay, a former chairman of the Florida Bankers Association, to its board of directors.

Intercredit, which has five local branches, was the subject of an enforcement action by the U.S. Office of the Comptroller of the Currency in 2011. That action required the bank to appoint a compliance committee, create a profit plan, and reduce problem loans, among other directives.

Nicholas Nehamas

This story was originally published February 9, 2015 at 5:47 PM with the headline "Intercredit Bank announces return to profitability."