Premier Bank & Trust in North Canton, Ohio, said that that Office of the Comptroller of the Currency has lifted a consent order after the bank recapitalized and addressed concerns over certain assets.
The $175 million-asset bank was placed under the regulatory consent order in February 2009 when it was known as Ohio Legacy Bank. The OCC removed the order in early September, or 18 months after the bank brought in a new management team and raised more capital.
The order required the bank to maintain Tier 1 capital of at least 8.75% and total risk-based capital of at least 13.25%. At June 30, Premier's Tier 1 leverage capital ratio was 9.19% and its total risk-based capital ratio was 15.58%.
In April 2010, the bank was granted fiduciary powers, changed its name and formed a wealth division to offer trust services, active asset management, investment and private banking services. The wealth division grew to more than $100 million in assets under management in eight months, according to the bank's press release.
