Cowboy State Bank in Ranchester, Wyo., has been freed from a written agreement with the Federal Reserve Board.

The May 2010 agreement required the $41.3 million-asset Cowboy State to strengthen board oversight of management and operations. The bank also agreed to improve its credit risk management, refrain from making loans to troubled borrowers and submit a capital plan, among other requirements.

Cowboy State had a 9.10% Tier 1 leverage ratio and a 15.53% total risk based capital ratio as of Dec. 31, according to the Federal Deposit Insurance Corp.

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