The banking unit of FNB United (FNBN) in Asheboro, N.C., has been freed from a regulatory order and has completed its integration of the Bank of Granite.
The Office of the Comptroller of the Currency has lifted a consent order with the $2 billion-asset CommunityOne Bank, the company said Monday. The order required it to improve oversight and hold Tier 1 capital of at least 9% and total risk-based capital of 12%; those ratios were 6.15% and 11.51% as of the end of April, according to the Federal Deposit Insurance Corp.
In addition, CommunityOne completed its integration of Bank of Granite in Granite Falls, N.C., on June 8, FNB said Monday. FNB bought Bank of Granite in 2011. FNB then recapitalized Bank of Granite, which regulators freed from an enforcement action in March.
"This transaction was the last step in our goal to successfully integrate CommunityOne and Granite, and is critical to our return to profitability during the second half of the year," Brian Simpson, chief executive of FNB United, said in the news release. The OCC's action "is confirmation that we are improving our financial condition and positioning our franchise to better serve our customers."