The Federal Reserve Board has lifted an enforcement action against Central Pacific Financial (CPF) in Honolulu, Hawaii.

The parent of the $4.4 billion-asset Central Pacific Bank was freed from the written agreement it entered into in July 2010 with the Fed and the Hawaii Division of Financial Institutions, the Fed said Tuesday.  The written agreement barred Central Pacific from paying dividends, making distributions or taking on new debt without authorization, and required it to deliver periodic progress reports to regulators.

It also required Central Pacific to ensure that its bank complied with the consent order it entered into in December 2009 with the Federal Deposit Insurance Corp. The FDIC lifted that order, which mandated that the bank improve its capital levels, in May 2011.

Central Pacific Bank had a Tier 1 capital ratio of 13.65% and a total risk-based capital ratio of 22.75% at Dec. 31, according to the FDIC.

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