Ocean Bank in Miami has been freed from an enforcement action by state and federal regulators.
The Federal Deposit Insurance Corp. and the Florida Office of Financial Regulation in 2011 ordered the $3.3 billion-asset bank to beef up its capital levels, credit quality and compliance with anti-money-laundering rules.
The order has been lifted now that Ocean improved its leveraged capital ratio to 8.7%, and its total capital ratio to 13.3% as of March 31, the bank said in a release Thursday. The order had required Ocean to have a leveraged ratio of 8% and total ratio of 12%.
"Ocean Bank has improved dramatically for several years, under any measure you use," Chief Executive Alfonso Macedo said in a press release. "We never doubted this day would come, but it's extremely gratifying to see it come through."
Ocean enhanced its banking procedures, particularly in the areas of anti-laundering and "know your customer" requirements; increased capital levels through earnings; improved its loan portfolio; and divested nonperforming assets, Macedo said.
The bank made a profit of $7.7 million in the first quarter, up from $6.2 million a year earlier, according to the FDIC's website.