WASHINGTON -- The Dime Savings Bank of New York announced Thursday that the Office of Thrift Supervision had terminated several enforcement directives regarding capital and other deficiencies at the bank that were put into place in 1991 and 1992 when the institution was undercapitalized.
The directives had restricted the Dime's operations. Richard D. Parsons, Dime's chairman and chief operating officer, said running the bank with the government as a partner wasn't easy. He said that while he had understood the government's interest in a previously distressed institution being run in a prudent way, "we paid a price in terms of flexibility and timing."
"This puts us back in control of our destiny," he said.
Dime became fully capitalized this year by raising $189 million through a rights offering and another $100 million through the sale of preferred stock. Its overall capital is now sufficient for it to be considered "well capitalized," the company said in a press release issued on Thursday.
Dime, which has 34 branches in the New York area, remains subject to a limit on growth beyond $9.3 billion in assets without OTS consent.