The Federal Reserve Board has terminated written agreements with Capital Community Bancorp. in Provo, Utah, and Coconut Grove Bank in Miami.
A March 2010 agreement required the $617 million-asset Coconut Grove to submit plans to strengthen board oversight of the bank's management and operations. The bank was also required to retool its credit risk management practices, improve its assets, and revise its methodology for the loan-loss allowance.
Coconut Grove also had to submit a plan to maintain sufficient capital. At June 30, its core capital (leverage) ratio was 10.03%, according to the Federal Deposit Insurance Corp.
In a separate agreement from September 2009, the $124 million-asset Capital could not declare and pay dividends or repurchase stock without approval.
The agreements were terminated last week, the Fed said Thursday.
