Seacoast Banking Corp. of Florida (SBCF) in Stuart, Fla., has been released from all enforcement actions with the Office of the Comptroller of the Currency.
The $2.2 billion-asset company said Wednesday that it had been notified by the OCC that the agency would terminate a December 2008 formal agreement and an individual minimum capital ratio requirement issued in December 2009. The terminations could not be confirmed on the OCC website.
The formal agreement required Seacoast to take steps to reduce credit risk and improve asset quality and earning performance. The company was also ordered to maintain a minimum Tier 1 ratio of 8.5% and total risk-based capital of at least 12%.
With the orders lifted, Seacoast is now subject to the general minimum capital ratios required to be considered well-capitalized. It had a Tier 1 leverage ratio of 9.8% and total risk-based capital of 17% as of June 30.
"The termination of the formal agreement and the IMCR is the result of the focus and commitment of our directors, officers and employees to strengthen the organization following the credit crisis and Great Recession," Dennis Hudson, Seacoast's chairman and chief executive, said in a press release. "We believe that these developments will enhance our ability to implement our growth strategy and provide our customers with personal service and competitive financial solutions. It is gratifying to know that our primary regulator has recognized the significant progress we have made in addressing the formal agreement. We are now in a position to leverage our bank franchise and focus on future growth and financial performance."
Seacoast has 34 branches in Florida as well as five offices that specialize in advising small-business owners.