First Community Financial Partners (FCMP) in Joliet, Ill., is now allowed to manage its capital without regulatory consent.

The $849 million-asset company said in a press release Friday that it has received regulatory approval to rescind an October 2011 board resolution. That resolution required First Community's board to obtain written approval from the Federal Reserve Bank of Chicago before paying dividends, increasing debt or redeeming stock.

"This action reflects the continuing improvement in the financial condition of the company," Roy Thygesen, the company's chief executive, said in the release. "The merger of our … banks and subsequent lifting of the bank's memoranda of understanding in August of this year further demonstrate the steps management has taken to improve the asset quality and efficiencies of the company. The Board recognized this and believed the board resolution adopted on October 19, 2011, was no longer warranted."

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