The Office of the Comptroller of the Currency has released Hudson Valley Bank in Yonkers, N.Y., from a 2012 enforcement action.
The formal written agreement required Hudson Valley to form a compliance committee, develop an enterprise risk management program, ensure sufficient and competent management, reduce credit risk, develop a capital plan and a profit plan and review the adequacy of its allowance for loan and lease losses.
The OCC also terminated an individual minimum capital ratio agreement with the bank from Oct. 2009., according to a Thursday press release from its parent company, Hudson Valley Holding Corp. (HVB).
Hudson Valley had a 9% Tier 1 leverage ratio and a 17% total risk-based capital ratio as of Sept. 30.
"We are extremely pleased with the lifting of the formal written agreement and individual minimum capital ratios by the OCC," president and chief executive Stephen Brown said in the release. "As we have previously stated, we have committed significant time and resources during the past year and half to fully address matters raised by the OCC. We believe, as a result, we are a financially stronger bank with robust systems and processes that position us to be a more competitive force within our market."
Brown took the helm of the $3 billion-asset Hudson Valley in May 2012, following the resignation of founder and chairman William Griffith, who died later that year.