The Federal Reserve Board has terminated a written agreement with Remer Bancorp. in Minnesota.
The March 2012 agreement required Remer's board to make sure that its bank complied with a pre-existing consent order from the Federal Deposit Insurance Corp. The $67 million-asset company was also ordered to refrain from paying dividends or taking on additional debt without regulatory approval.
Remer's Woodland Bank, was released from the FDIC order in December. That order required the bank to retain qualified management, reduce troubled loans and improve deficiencies in its loan policies, underwriting and credit administration. Woodland was also required to maintain a minimum 8% Tier 1 leverage ratio and minimum 11% total risk-based capital ratio.
Woodland had a 14.72% Tier 1 leverage ratio and a 21.03% total risk-based capital ratio as of Dec. 31, according to the FDIC.