The Federal Deposit Insurance Corp. has terminated a consent order for Idaho First Bank (IDFB) in McCall.
Idaho First will continue to operate under an informal agreement with the FDIC and the Idaho Department of Finance, the $87 million-asset bank said Wednesday. The 2010 consent order was terminated on Aug. 29.
"We worked closely with the regulatory authorities during this difficult time and appreciate this recognition of the hard work by staff, management and board to improve the bank's financial condition," Idaho First Chairman Mark Miller said in a news release.
The order required Idaho First to retain qualified management, formulate a plan to improve its loan portfolio and get regulators' approval before paying dividends. It also required the bank to maintain Tier 1 capital of at least 10%.
The bank held Tier 1 capital of 8.07% and total risk-based capital of 10.76% as of June 30, according to the FDIC. It still intends to reach the 10% Tier 1 threshold, Idaho First Chief Executive Greg Lovell said in the news release.