The Federal Reserve Board has terminated a written agreement with Valley Financial that required the Roanoke, Va., company to serve as a source of strength for its bank.
The September 2010 agreement also required Valley Financial, the parent of Valley Bank, to improve its assets, maintain a process to record an adequate allowance for loan losses and submit a plan to maintain sufficient capital. The $781 million-asset company could not declare or pay dividends or repurchase stock without Fed approval.
The agreement ended on Monday, the Fed said Thursday.
