National Bank of Cambridge in Cambridge, Md., has been freed from a formal agreement with the Office of the Comptroller of the Currency.

The April 2010 agreement required the $190 million-asset bank to address weaknesses tied to board and management oversight, credit risk and loan portfolio administration. The bank was also required to improve risk management practices.

Cambridge's parent, Delmarva Bancshares, raised $11 million in a private placement in January. The company said at the time that it would give most of the capital to its bank so that Cambridge could sell off troubled assets and resolve its OCC agreement.

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