The Federal Reserve Board has terminated an enforcement action against Greer Bancshares in Greer, S.C.
The $357.3 million-asset company had been operating under the order since 2011. The written agreement had required Greer to serve as a source of strength for Greer State Bank and to refrain from paying dividends or depleting its capital without regulatory approval.
The company also agreed to provide annual written reports about its sources and uses of cash. The Fed terminated the order on May 3 and announced its decision Tuesday.
In March, the Federal Deposit Insurance Corp. terminated an enforcement action against Greer State Bank.