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The Treasury Department has decided to cancel the auction of Coastal Banking Company's Troubled Asset Relief Program shares after the bank received approval to pay dividends.
February 7 -
Nearly a year after legislation let more banks stop filing with the SEC, management teams continue to evaluate lower costs against having to move to lesser-known stock exchanges.
February 27 -
Coastal Banking Company in Beaufort, S.C., has become the latest community bank to take advantage of a new law that relieves small banks from the burden of filing financial reports with the Securities and Exchange Commission.
May 3
The Office of the Comptroller of Currency has terminated a written agreement with Coastal Banking (CBCO) in Beaufort, S.C.
The OCC in August 2009 ordered the $405 million-asset company to lower its credit risk, reduce its level of criticized assets and implement a profit plan with limited reliance on brokered deposits. The agency lifted the enforcement action Thursday, Coastal Banking announced on Monday.
"We are proud of our efforts to restore the bank to health and financial stability, which included diligently working down problem assets and generating substantial levels of noninterest income from mortgage banking and small-business lending," Chief Executive Michael G. Sanchez said in a press release. "We earned our way back to health rather than having to seek out additional dilutive capital as so many other banks were forced to do in order to survive. This was the best possible outcome for our shareholders, our customers and our employees."
Coastal Banking has a Tier 1 leverage ratio of 10.5% and total risk-based capital of 23.2%.