Atlantic Coast Financial in Jacksonville, Fla., has been released from an enforcement action that required it to improve its capital ratios.
The Office of the Comptroller of the Currency has terminated the August 2012 consent order, Atlantic Financial said in a news release Tuesday. The OCC had described the company's status as troubled condition but has reclassified it as "well-capitalized," the release said.
The $706 million-asset company completed a capital raise in December. Its Atlantic Coast Bank unit reported a Tier 1 capital ratio of 16.38% as of Dec. 31.
In 2013, plans to sell Atlantic Coast to Bond Street Holdings were canceled after shareholders rejected the deal. Dissident shareholders included banker Jay Sidhu, who remains a member of the board, according to the company's website.