Nearly a year after it returned to profitability, Citizens Republic Bancorp Inc. (CRBC) of Flint, Mich., has been released from its enforcement action with the Federal Reserve.

The $9.5 billion-asset Citizens Republic and its bank unit have been operating under a memorandum of understanding with the Fed since July 2010, when the bank was still reeling from losses in real estate loans. The order, which required the company to reduce its problem assets and bolster its capital levels, was terminated Thursday.

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