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Seoul's Hana Financial Group no longer plans to acquire a 51% ownership stake in Saehan Bancorp of Los Angeles.
April 9
The Federal Deposit Insurance Corp. has terminated a consent order issued to Saehan Bank (SAEB) in Los Angeles.
The $602 million-asset bank said Friday that regulators have ended the January 2011 order, which required Saehan to attain a Tier 1 leverage ratio of at least 10% and to retain management who are able to operate the bank safely and soundly.
Saehan had a Tier 1 leverage ratio of 12.9% at Dec. 31, according to the FDIC.
The order also required Saehan to eliminate from its books losses the bank had not charged off already and to reduce troubled loans.
"This regulatory decision marks an important milestone in Saehan Bank's recovery efforts," Dong Il Kim, Saehan's chief executive, said in a press release.
Last April, Hana Financial Group called off plans to buy a 51% stake in Saehan, which has 10 branches in California, a loan production office in Seattle and a division in New York.
