A unit of Shore Bancshares in Easton, Md., has been freed from a regulatory consent order.
The $1.1 billion-asset company said in a press release Monday that the Federal Deposit Insurance Corp. and the Maryland Commissioner of Financial Regulation had terminated a May 2013 order against its Talbot Bank.
The order had required the bank to improve credit quality and review and revise some of its policies and procedures.
"We have diligently worked to meet the requirements of the regulators to achieve this milestone," Patrick Bilbrough, Talbot's president and chief executive, said in the release. "The termination reflects our hard work to improve credit quality and raise new capital."
The bank must now continue to reduce classified assets and maintain capital in excess of regulatory minimums, among other requirements and restrictions based on commitments made to regulators.