Federal regulators have terminated a consent order issued in January 2011 for Bank of George. At the time, the Las Vegas-based bank was dealing with loan losses resulting from commercial real estate loans that soured during the recession.
Under the Federal Deposit Insurance Corp.’s consent order, Bank of George “consented without admitting or denying any charges of unsafe or unsound banking practices relating to management, capital, asset quality and brokered deposits.”
Regulators did not say why the consent order was terminated on Feb. 5. In a statement Thursday, Ryan Sullivan, president and CEO of Bank of George, said he was “pleased for the recognition of our progress and are enthusiastic about our future.”
Sullivan said Bank of George recently reported its second consecutive year of profitability while reducing its nonperforming assets by 58 percent. The bank reported net income of $241,000 for 2013, compared with $290,000 for 2012.
Bank of George was founded in 2007 and focuses on business loans, revolving lines of credit, equipment loans and owner-occupied real estate loans. The bank with branches in Las Vegas and Henderson has total assets of $111.6 million.
Contact reporter Chris Sieroty at email@example.com or 702-477-3893. Follow @sierotyfeatures on Twitter.