News Column

Ocean Bank Emerges from Enforcement Action

May 1, 2014



MIAMI--(BUSINESS WIRE)-- Ocean Bank announced today that the Federal Deposit Insurance Corporation and the Florida Office of Financial Regulation have terminated a Consent Order issued in 2011.

“This action was made possible only through the unwavering dedication and hard work of our board of directors, management and staff,” said Ocean Bank president and CEO A. Alfonso Macedo.

“We put in place a rigorous plan to enhance our systems and procedures, particularly in the areas of anti-money laundering and ‘know your customer’ requirements, to increase capital through earnings, improve our loan portfolio, divest the bank of non-performing assets, streamline our operations and recruit talented executives,” Macedo said. “It has yielded magnificent results.”

Ocean Bank improved its capital ratios to 8.69 percent leveraged capital ratio and 13.31 percent total capital ratio. Both ratios are far in excess of the 5 percent and 10 percent ratios needed to be classified a “well-capitalized bank” and above the levels of 8 percent and 12 percent prescribed in the order.

“Ocean Bank has improved dramatically for several years, under any measure you use,” Macedo said. “We never doubted this day would come, but it’s extremely gratifying to see it come through.”




For Ocean Bank

Mark Sell, 305-372-1234

msell@wraggcasas.com

or

Ray Casas, 305-372-1234

rcasas@wraggcasas.com


Source: Ocean Bank


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Source: Business Wire


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