Anchor Bancorp in Madison, Wis., is back on solid ground with federal regulators.
The $2.1 billion-asset bank said Tuesday that the Federal Reserve has lifted the last remaining enforcement order against the bank. The cease-and-desist order was issued in 2009 by the now-defunct Office of Thrift Supervision, according to a press release from the Fed.
In April, the Office of the Comptroller of the Currency terminated its cease-and-desist order against the bank, as well as a prompt corrective action directive.
"The lifting of these legacy enforcement actions confirms Anchor's stunning turn-around and underlines that we are again open for business," Chris Bauer, Anchor's president and chief executive, said in a press release.
The regulatory orders stem from Anchor's problems following the financial crisis, when it failed to meet minimum capital requirements.
Anchor responded in 2009 by hiring a new management team, including Bauer, to lead its recapitalization efforts.
But its turnaround effort was marked by snags. A deal to raise $400 million fell apart in 2010. Three years later, a deal to raise $175 million was held up when one of the bank's creditors, Associated Banc-Corp, refused to sign on to the plan.
Anchor then turned to Chapter 11 bankruptcy last year to restructure its debt, including the debt held by Associated. That allowed the $175 million recapitalization to be completed.
Meanwhile, the Federal Reserve also announced Tuesday that it has terminated orders against the $350 million-asset Community Financial Shares in Glen Ellyn, Ill., and the $349 million-asset SWNB Bancorp in Houston, Texas.
The Fed also imposed a $6,000 penalty against Ackley State Bank in Iowa, for violations related to the National Flood Insurance Program. Ackley has $146 million in assets.