SANDWICH, Mass.--Sandwich Co-operative Bank said the Federal Deposit Insurance Corp. has rescinded a memorandum of understanding that required the bank to reduce classified assets and return to profitability.
Sandwich Co-operative said that it has made significant progress and that the regulatory move confirms that progress.
The bank cut nonperforming assets to 2.39% of total assets at June 30, compared with 6.29% at July 31, 1991.