SHAMOKIN, Pa. -- Central Pennsylvania Financial Corp. said the Office of Thrift Supervision terminated the supervisory agreement under which the company had been operating.

The OTS also terminated the cease-and-desist order under which a subsidiary, Central Pennsylvania Savings Association, had been operating. The orders had been in place since December 1991.

Central Pennsylvania said the orders required the development or revision of numerous internal policies and procedures.

The OTS advised Central Pennsylvania Financial that its most recent examination showed continued compliance with the orders as well as an improved financial condition.

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