Lake Shore Bancorp in Dunkirk, N.Y., has been freed from a regulatory order.
The $698 million-asset company said in a press release that the Office of the Comptroller of the Currency released Lake Shore Savings Bank from its consent order.
The order required the bank to correct deficiencies tied to IT, automated clearing house, audit, management, and Bank Secrecy Act/anti-money laundering. The OCC also terminated its “troubled condition” status for the bank.
“Our primary goal has been remediation of the operational issues identified by our primary regulator,” stated Kim Liddell, the company’s president and CEO, said in the release. “The early lifting of the consent order by the OCC reflects the significant and speedy progress our team made. I am proud of the team and their continued focus on serving our customers and communities.”