Citizens First Financial Corp. of Bloomington, Ill., announced Wednesday that an enforcement order under which it had been operating for nearly a year has been terminated.
The $323 million-asset company said that the Illinois Department of Financial and Professional Regulation and the Federal Deposit Insurance Corp. had notified it in a Dec. 26 letter that its deficiencies had been corrected and the memorandum of understanding lifted.
The agreement, which it had entered last January, required that it keep complete loan documentation and current financial information for commercial borrowers and that all commercial loans have "realistic" payment terms. Citizens announced in early November that it would sell itself to the $1.2 billion-asset Main Street Trust Inc. of Champaign, Ill. The deal, worth about $52 million, is expected to close in the second quarter.
