The Office of the Comptroller of the Currency has lifted an Oct. 2010 consent order against Santa Clara Valley Bank in Santa Paula, Calif. Santa Clara Valley Bank, a subsidiary of SCVBank, was released from the order Nov. 12, according to the company's Thursday press release.
The order required the $134 million-asset Santa Clara Valley Bank to maintain a minimum 9% Tier 1 leverage ratio and a minimum 12% total risk-based capital ratio. The bank was also required to strengthen regulatory compliance, loan review, loan underwriting, credit administration, allowance for loan loss and liquidity and funds management.
The bank had an 11% Tier 1 leverage ratio and a 22% total risk-based capital ratio as of Sept. 30, according to the Federal Deposit Insurance Corp.
Chairman Scott Rushing said in the release that he was "pleased to receive this acknowledgment of the progress made in building a community bank that is not only safe and sound with capital ratios in excess of regulatory requirements, but also positioned to grow and become more successful serving our local communities."