The Pennsylvania Department of Banking has terminated the consent order it issued two years ago against Metro Bancorp Inc., the parent company of Metro Bank.
The department issued a termination order May 30, effective retroactively as of April 12, the holding company said Wednesday in a filing with the U.S. Securities and Exchange Commission.
The original order was dated April 29, 2010, and was issued in conjunction with a similar order from the Federal Deposit Insurance Corp., Metro's federal regulator.
The orders required Metro to "correct and prevent certain unsafe or unsound banking practices and violations of law or regulation," Metro said in its annual report for 2011. Metro was enjoined to ensure compliance with the federal Bank Secrecy Act and the rules of the Office of Foreign Assets Control.
"The bank retained consultants and advisors for assistance and has incurred significant consulting and legal fees in the necessary review, analysis and remediation," Metro's annual report said.
Federal and state regulators generally work in conjunction with each other on enforcement actions. However, records at the FDIC do not indicate its consent order with Metro has been lifted, spokesman David Barr said today.