By Bob Zimberoff
The National Bank of Cambridge announced April 2 that the Office of the Comptroller of the Currency terminated the formal agreement entered into April 1, 2010 with the bank.
The bank is no longer subject to the operational and financial constraints of the formal agreement, has successfully resolved all of the requirements of the agreement, and continues to exceed all regulatory standards for a well-capitalized financial institution, according to a news release from the bank.
“Since 2010, we have worked diligently to meet and exceed the requirements of the OCC, resolving the asset quality problems, raising new capital, and thoroughly transforming the operational and risk management competencies of the Bank,” said Kim C. Liddell, National Bank of Cambridge’s Chairman, President and CEO, in the release. “We are now a much stronger bank, and thank our employees for their ongoing commitment to improve our operational and customer service performance. We are well positioned to help the financial needs of the communities we serve and execute our strategic plan for profitable growth.”