Legacy Bank of Florida in Boca Raton has been released from an enforcement action with state and federal regulators.
The $275 million-asset bank said in a press release Monday that the Federal Deposit Insurance Corp. and the Florida Office of Financial Regulation lifted the consent order on Dec. 24.
The order, issued in January 2011, required Legacy to increase its capital levels and reduce risk exposure.
"I am very proud of our employees, board and management, who over the past few years have worked diligently and expediently to meet the requirements outlined in the consent order," David Bedley, Legacy's chairman and chief executive, said in the release. "In addition, the bank was able to raise capital, increase earnings and grow the balance sheet."
The order's termination was first reported by the South Florida Business Journal.