Coastal Bank in Savannah, Ga., has been freed from a regulatory order.
The $443 million-asset bank said Tuesday that the Federal Deposit Insurance Corp. and that Georgia Department of Banking and Finance have removed a May 2011 consent order.
"Long before the formal order was issued, we committed the necessary resources to improve the bank's condition as quickly as possible," Jim LaHaise, the bank's president and chief executive, said in a press release. "Throughout the two-year tenure of the order, we maintained capital levels which were well in excess of the agreed upon minimums"
The bank earned $1.09 million in the first half of this year, compared to $922,000 for all of 2012.
