Freedom Bank in Columbia Falls, Mont., has been released from a consent order.

The Federal Deposit Insurance Corp. terminated the enforcement action against the $58 million-asset bank on Feb. 10. The FDIC and the Montana Division of Banking and Financial Institutions had implemented the enforcement action in December 2009.

The order had required Freedom Bank to improve board oversight of management; maintain a Tier 1 capital ratio of at least 12%; eliminate all asset losses in its September 2009 visitation report by chargeoff or collection; and seek regulatory approval before dividend and bonus payouts.

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