The Federal Reserve Board has released Citizens Community Bancorp (CZWI) in Eau Claire, Wis., from an enforcement action.

The $535 million-asset company said Friday that the Fed terminated a December 2009 memorandum of understanding. Citizens Community also announced that its board had authorized it to pay an annual dividend of 2 cents a share, payable on April 18.

The termination was effective March 15.

In January, the Office of the Comptroller of the Currency terminated an enforcement action requiring the company to hold adequate regulatory capital. At Dec. 31, Citizens Community had a Tier 1 leverage ratio of 9.95% and a total risk-based capital ratio of 15.64%, according to the Federal Deposit Insurance Corp.

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