DCB Financial (DCBF) in Lewis Center, Ohio, has been freed from a Federal Reserve Bank of Cleveland order.

DCB's 2010 memorandum of understanding was terminated Nov. 18, the $506 million-asset company said in a regulatory filing. The order had prevented DCB from paying dividends, incurring debt or repurchasing shares, the company said.

The Cleveland Fed lifted the order because DCB's financial condition has improved, the company said. DCB's banking unit, Delaware County Bank and Trust, reported profits of $214,000 through the first three quarters of this year, after a $4.7 million profit for the full year of 2012, according to data from the Federal Deposit Insurance Corp.

In October, the FDIC and the Ohio Division of Financial Services released the banking unit from similar enforcement actions.

DCB raised $13.2 million through a stock sale in late 2012, in an effort to bolster its capital position and satisfy its regulators. It also closed branches and offered early retirement packages in an effort to trim costs.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.