The Federal Reserve Board has ended a written agreement with Premier Financial that required the Dubuque, Iowa, company to develop a plan to maintain sufficient capital and an adequate allowance for loan and leases losses.
Under the July 2010 agreement, the $260 million-asset Premier had to serve as a source of strength for its Premier Bank. The company also had to develop a plan to improve management of the bank's investment portfolio, implement an investment policy that outlined acceptable investments within certain categories and retain a consultant to assess its investment portfolio.
Premier could not declare or pay dividends or repurchase stock without Fed approval.
The termination took place last week and was announced by the Fed on Thursday.