Hibernia Corp. said the Federal Reserve Bank of Atlanta had lifted regulatory controls imposed on the New Orleans-based bank in late 1991.

The action follows a similar move by the Office of the Comptroller of the Currency in June and removes the last regulatory restriction on Hibernia. The regulatory controls were slapped on Hibernia in the wake of mounting credit losses in 1991.

The bank has rebounded this year, following a successful recapitalization in 1992, which raised $75 million in new equity.

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