The Federal Reserve Board has terminated an enforcement action against Belt Valley Bank in Belt, Mont.

The Fed said on Tuesday that it has terminated the 2011 written agreement with the $59.6 million-asset bank on Aug. 2. The agreement required the bank to strengthen board oversight, improve asset quality and submit plans to review loans and improve credit management. It also forbid Belt Valley from paying dividends without Fed approval.

Belt Valley held a Tier 1 leverage ratio of 11.15% and total risk-based capital of 20.04% at June 30, according to the Federal Deposit Insurance Corp.

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