Carver Bancorp in New York has been freed from an enforcement action.
The $756 million-asset company disclosed in a press release that the Office of Comptroller of the Currency terminated a formal agreement against its bank. The agreement had been in place since May 2016.
Carver said the agreement’s individual minimum capital ratio – which requires the bank to maintain a 9% Tier 1 leverage ratio and and 12% total risk-based capital ratio – remains in effect.
Carver will still be required to obtain written approval from the Federal Reserve Bank of Philadelphia before declaring or paying dividends, increasing debt or redeeming common stock.