The Office of the Comptroller of the Currency has lifted its operating agreement with the banking unit of Capital Bank Financial in Coral Gables, Fla.
The agreement, which had been in place since August 2010, mandated that the $7.1 billion-asset bank maintain certain capital levels. It also restricted the bank's ability to pay dividends, while limiting some other business decisions. The agreement was tied to a de novo application that the OCC had approved.
"The lifting of this agreement is an important milestone … as it indicates that we are operating in a safe and sound manner consistent with expectations for a midsized national bank," Gene Taylor, the company's chairman and chief executive, said in a press release Monday. "We will continue to operate within supervisory expectations as we focus on executing on our growth, profitability, and return targets."
The lifting of the order will provide Capital Bank with flexibility setting capital targets, Chris Marshall, the company's chief financial officer, said in the release.
Capital Bank was formed in 2010 to buy distressed banks across the Southeast.