GREENWOOD VILLAGE, Colo., July 21, 2016 /PRNewswire/ -- Colorado Federal Savings Bank (the "Company"), today announced that on July 8, 2016, the Bank was informed by its primary regulator, the Office of the Comptroller of the Currency (the "OCC"), that the formal written agreement between the Bank and the OCC, dated October 3, 2014 (the "Agreement"), was terminated effective July 8, 2016.
"I am very pleased that the OCC has terminated the Formal Agreement," stated Ethan C. Elzen, President. "Achieving this result in just twenty-one months highlights the significant efforts of our management and Board. Our team members dedicated themselves to remediating the governance and compliance issues necessary for the termination of this enforcement order. Since I joined the Company in late 2014, resolution of this matter has been the primary focus and the outcome on July 8th brings this matter to a final closure."
"Our team remains committed to operating in a fully compliant, safe and sound manner, within our well-established corporate governance, compliance and risk management practices. We remain fully dedicated to serving our customers and helping them achieve their goals by offering tailored real estate lending solutions. The Bank is well-positioned for future growth and financial performance."
Colorado Federal Savings Bank, headquartered in Greenwood Village, Colorado, is a federal insured bank serving communities across Colorado and the United States. Originally chartered in 1990 as a savings institution, but acquired by new ownership in 2008, today Colorado Federal operates as a non-branch direct banking platform. In addition to offering traditional consumer banking savings products, we provide unique real estate lending solutions to a variety of commercial clients nationwide. Colorado Federal Savings Bank is a Member FDIC and an Equal Housing Lender.
To help us achieve our goal of becoming a leading real estate oriented financial institution, we have built a close affiliation with Provident Funding Associates L.P. one of the largest and most highly respected non-bank mortgage originators and servicers in the nation. By leveraging Provident Funding's expertise and 20+ year track record of success we have created a banking institution capable of serving the varied needs of real estate borrowers, investors and developers.
We are entrepreneurial, proactive and growth oriented and we look to serve customers of a similar mindset.
For more information about the Bank and its products and services, please visit www.coloradofederalbank.com.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/colorado-federal-savings-bank-announces-termination-of-formal-agreement-with-the-comptroller-of-the-currency-300302559.html
SOURCE Colorado Federal Savings Bank