The Office of the Comptroller of the Currency has lifted a regulatory order that had been imposed on a unit of MetroCorp Bancshares (MCBI) in Houston.
The OCC lifted its 2009 formal agreement with the $1.1 billion-asset MetroBank on June12, the company said Wednesday. The agreement mandated that MetroBank appoint a compliance committee and improve its loan practices.
MetroBank had a Tier 1 capital ratio of 13.04% and total risk-based capital of 17.76% as of the end of April, according to the Federal Deposit Insurance Corp.
"The lifting of the formal agreement reflects unwavering focus and commitment by MetroBank's management and the board of directors to improve credit quality, loan administration practices, risk management, and earnings," said George Lee, MetroCorp's chairman and chief executive, in the news release.
The Treasury Department auctioned off its $45 million Troubled Asset Relief Program stake in MetroCorp last summer, and the company was one of seven that received permission to bid on its own shares. The Treasury said last month that it would auction its remaining MetroCorp warrants.
MetroCorp is also the parent company of the $440 million-asset Metro United Bank in San Diego.