Foundation Bancorp (FDNB) in Bellevue, Wash., has been released from an enforcement action issued by the Federal Deposit Insurance Corp. and state regulators.
The 2010 consent order required Foundation to improve its asset quality, capital, liquidity, and management.
The $364 million-asset company has reported "significant improvement in the financial condition and operating results of the bank during the past three years, including our significantly increased profitability for the year ended Dec. 31, 2013," President and Chief Executive Diane Dewbrey said in a press release.
Foundation's earnings in 2013 fell 1.4% from a year earlier, to $7 million. At Dec. 31, its Tier 1 leverage ratio was 10.39% and its total risk-based capital ratio was 13.86%.