JOLIET -- First Community Financial Partners, the holding company for First Community Financial Bank, said its board of directors has recinded the requirement that the bank get written approval from the Federal Reserve of Chicago to perform certain financial actions.
The requirement, which wa sput into effect in Oct. 2011, instructed the back to receive Fed approval before it could declare or pay out corporate dividends; increase its debt; or the redeemcompany stock.
The Federal Reserve said it had no objections to the company rescinding the board resolution, according to a news release.
"This action reflects the continuing improvement in the financial condition of the Company," said First Community Financial CEO Roy C. Thygesen. "The merger of our subsidiary banks and subsequent lifting of the Bank's Memoranda of Understanding in August of this year further demonstrate the steps management has taken to improve the asset quality and efficiencies of the Company. The Board recognized this and believed the board resolution adopted on October 19, 2011 was no longer warranted."
First Community Financial Bank, a wholly owned subsidiary of First Community Financial Partners, is based in Plainfield with locations in Joliet, Homer Glen, Channahon, Naperville and Burr Ridge.