Mackinac Financial Corp. of Manistique, Mich., said Monday that state and federal regulators had terminated the provisions of the cease-and-desist order issued to its North Country Bank and Trust.
The unit received the enforcement order in March 2003 for failing to maintain adequate loan documentation, paying excessive compensation, and having inadequate capital.
Since then the parent has hired new management and reduced the number of problem credits in North Country's loan portfolio.
In December, Mackinac recapitalized North Country by attracting $30 million from new investors.
The $331 million-asset North Country has 12 branches in northern Michigan.
Last month it opened a loan production office in Oakland County targeting small businesses and high-net-worth individuals in southeast Michigan.
