BRISTOL, Va. - Charter Federal Savings Bank said it is in compliance with all federal regulatory capital requirements, thanks to its recent rights offering.

The offering, completed Aug. 13, raised about $44 million.

As a result, the Office of Thrift Supervision lifted the prompt corrective action directive and other restrictions imposed when the $720 million-asset Charter fell below capital standards.

Based on June 30 data, tangible and core capital stands at 4.53% of adjusted tangible assets, risk-based capital at 9.78% of risk-based assets, and Tier 1 risk-based capital at 8.52% of risk-based assets.

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