Solera National Bank in Lakewood, Colo., has been freed from a consent order under which it had been operating for more than two years.
The $146 million-asset bank said Tuesday that its regulator, the Office of the Comptroller of the Currency, terminated the order in response to continued improvement in the bank's operations and financial condition.
The OCC enforcement order — first issued in March 2010 and amended nine months later — required Solera to strengthen its compliance with the Bank Secrecy Act and reduce risk in its loan portfolio. In a news release, Solera President and Chief Executive Douglas Crichfield said that the lifting of the order "is a significant event" for Solera, which was founded in 2007 largely to serve Hispanics and other minority groups.
Crichfield noted that Solera has recorded a profit in six of the last eight quarters and that its capital ratios far exceed well-capitalized levels.
"We expect this positive momentum to continue throughout 2012," he said.
