Abigail Adams National Bancorp Inc. in Washington said regulators have terminated their enforcement order against its Consolidated Bank and Trust Co. of Richmond, Va.
The Federal Reserve Board and the Virginia Bureau of Financial Institutions ordered Consolidated to clean up its loan portfolio and restore and maintain financial soundness after it charged off more than $1.2 million of loans in 1999.
The $317 million-asset Abigail Adams said Thursday that it bought the $78 million-asset bank last year and has been investing resources to satisfy the regulators' order.
Consolidated earned $17,000 in the first quarter, compared with a loss of $37,000 in the first quarter of last year. Its net recoveries were about the same, at $18,000, while the ratio of noncurrent loans to total loans fell to 0.11%, from 3.39% a year earlier.
