Regulators have lifted an enforcement action against Eastern National Bank in Miami, according to a report.

The Office of the Comptroller of the Currency has terminated a 2009 written agreement with the $374 million-asset bank, the South Florida Business Journal reported Thursday. The agreement, which reportedly was terminated earlier this week, required Eastern National to appoint a compliance committee, improve its loan reviews and formulate written plans to improve its loan portfolio and reduce credit risk.

"This took a lot of work and effort," Eastern National Chief Executive Alberto Colon told the Business Journal. "We are looking to grow, but our risk profile is very conservative."

Eastern National did not immediately respond to phone calls seeking comment.

Eastern National held a Tier 1 leverage ratio of 9.21% and total risk-based capital of 16.36% as of June 30, according to the Federal Deposit Insurance Corp. It reported a profit of $417,000 in the first quarter of the year, according to the FDIC.

The OCC had also instituted a consent order against Eastern National in 2008, because of deficiencies in the bank's anti-money-laundering controls. That order was terminated in 2010.

Eastern National is indirectly owned by the government of Venezuela, through several corporate intermediaries, according to the OCC. It serves primarily correspondent banks and import-export firms, according to its website, and it has five branches in Miami-Dade County.

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