The Federal Reserve Board has released Tysan Corp. in Minneapolis from a regulatory action.
The Fed on May 15 lifted a 2009 written agreement that barred the $326 million-asset Tysan from taking on debt or repurchasing stock without regulatory approval. The agreement also required the company to maintain an adequate loan-loss reserve.
The Federal Deposit Insurance Corp. terminated an enforcement action a Tysan's $131 million-asset Lake Community Bank in Long Lake, Minn., last August. The 2008 order required the bank to maintain Tier 1 capital of at least 8% and total risk-based capital of 10%. At March 31, the bank's ratios were 9.84% and 15.65%, according to the FDIC.
Tysan is the parent of two other Minnesota banks: the $147 million-asset Pine Country Bank in Little Falls and the $36 million-asset Blaine State Bank in Blaine.