The Coastal Bank announced Tuesday that the FDIC and the Georgia Department of Banking and Finance have removed a consent order that was put into place in May 2011.
The bank attributes its improved financial condition over the past two years to reducing problematic loans, according to a company news release.
The bank returned to profitability in 2012, which continues into 2013. The bank posted a net income of $1.09 million through six months ended June 30 compared to $922,000 for the year ended Dec. 31, 2012.
"Long before the formal order was issued, we committed the necessary resources to improve the bank's condition as quickly as possible," said Jim A. LaHaise, president and CEO of The Coastal Bank, in a statement. Throughout the two-year tenure of the order, we maintained capital levels which were well in excess of the agreed upon minimums. This capital position allows us to continue to lend money to support customer needs in the communities we serve. We appreciate the support of our board of directors, management team and staff in reaching this significant accomplishment."