The Federal Reserve Board has terminated a cease-and-desist order against Central Federal (CFBK) in Worthington, Ohio.
The order was issued in May 2011. Central's current management team joined the $260 million-asset company the following year. Since then, Chief Executive Timothy O'Dell, President Thad Perry and Chairman Robert Hoeweler were able to work with a standby investor group to recapitalize the company.
"As we move into 2014 our loan and business pipelines remain strong," O'Dell said in a press release.
CFBank is one of a growing number of banks that recently have received good news from the Fed and the Federal Deposit Insurance Corp.