The bank unit of Carver Bancorp in New York has been freed from another regulatory order.

The $648 million-asset company's bank had been operating under a cease-and-desist order since February 2011, when it was issued by the now-defunct Office of Thrift Supervision. The order required the bank to raise additional capital and improve credit quality.

Carver said in a press release Tuesday that the Office of the Comptroller of the Currency has notified the bank that it is no longer considered in "troubled condition" under federal law.

"Since our $55 million capital raise in 2011, our management team has worked tirelessly to reduce problem assets and enhance bank operations," Deborah Wright, the company's chairman and chief executive, said in the release. "As a result, our credit ratios are now approaching industry norms."

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