Heritage Oaks Bancorp (HEOP) in Paso Robles, Calif., has been freed of another regulatory order.
The $1.1 billion-asset company said in a press release Wednesday that its bank had been released from a memorandum of understanding with the Federal Reserve Board.
Heritage Oaks has already been freed from a separate memorandum of understanding with the Federal Deposit Insurance Corp. and the California Department of Financial Institutions. The company has also exited the Troubled Asset Relief Program.
"We are pleased that the [Fed] has recognized the significant improvements in the company's operations and financial condition, and as a result has determined that the MOU was no longer warranted," Simone Lagomarsino, the company's president and chief executive, said in the release. "The termination of the MOU concludes the increased regulatory oversight placed on the company by several regulatory bodies."