LSB Financial (LSBI) in Lafayette, Ind., has been released from a formal agreement with the Office of the Comptroller of the Currency.
The 2010 agreement required LSB to increase capital, according to the company's Thursday press release. The $355 million-asset LSB had an 11.2% Tier 1 leverage ratio and a 17.4% total risk-based capital ratio as of Sept. 30 well above the minimum regulatory requirements considered to be well-capitalized.
"We have committed significant time and resources during the past three years to fully address matters raised by the OCC," LSB President and Chief Executive Randolph William said in the release. "We believe as a result, we are a financially stronger bank with systems and processes."