First National Community Bancorp in Dunmore, Pa., has been freed from a regulatory order.
The $969 million-asset company said in a press release Thursday that the Office of the Comptroller of the Currency had lifted a September 2010 consent order against First National Community Bank. To secure the release, the bank implemented corporate governance practices tied to its procedures, systems, policies, programs, and resources to meet regulatory guidelines for community banks.
First National also noted that 2014 was its most-profitable year since 2008 and that its capital ratios were the highest in seven years. In addition, First National is now considered "well-capitalized" under the Federal Deposit Insurance Corp.'s prompt corrective action provisions.
"The termination of the consent order is a highly positive milestone for the bank and represents our team's successful efforts to improve our compliance-related infrastructure, as well as strengthen our balance sheet and improve the Bank's financial performance," Steven Tokach, the company's president and chief executive, said in the release.
This is not the first time First National has worked to restore its image. In December 2013, the company agreed to pay $5 million to settle a shareholder lawsuit claiming that management and the board failed to properly oversee risky practices.