Federal regulators have lifted a consent order against Intercredit Bank, five years after they told the Miami-based financial institution it needed to maintain higher levels of capital in order to stay solvent.
The Office of the Comptroller of the Currency said the bank was now well-capitalized. Intercredit ran into trouble with bad loans before the recession. The just-lifted order from 2011 replaced a previous agreement with regulators from 2007.
“We are extremely pleased that we have complied with all facets of the Order and that we are now poised to grow in a safe and sound manner free from the constraints of a Consent Order,” Intercredit president and CEO Simon Cruz said in a statement. “Termination of the Order was achieved through a collaborative effort between the Bank and the OCC, the steadfast financial support of ownership, direction from a very committed Board of Directors, and the efforts of a talented group of loyal employees.”
A spokeswoman for the OCC said it would release the official notice of termination in mid-June.
Intercredit Bank, founded in 1992, has $342 million in assets. It holds a 3.5-star rating from Bauer Financial.