BELLEVUE, Wash., Feb. 25, 2014 (GLOBE NEWSWIRE) -- Foundation Bancorp, Inc. (OTCQB:FDNB), the holding company for Foundation Bank, today reported the FDIC and the Washington State Department of Financial Institutions have notified Foundation Bank that they have lifted the Consent Order ("Order"), which was issued on September 2, 2010, for the Bank. The notice stated that the Order is hereby rescinded and no further reporting is necessary.
"We are pleased that our regulators have acknowledged the significant improvement in the financial condition and operating results of the Bank during the past three years, including our significantly increased profitability for the year ended December 31, 2013," said Diane Dewbrey, President and CEO. "I would like to thank our bank clients for their continued support over the years. These improvements in our operating performance are a testament to the diligent efforts of the entire Foundation team."
Foundation Bancorp is a bank holding company based in Bellevue, Washington, that operates Foundation Bank, a locally-owned, full service, state chartered commercial bank. Foundation Bank has been serving the greater Puget Sound region since 2000.
Safe Harbor Statement. This release contains comments or information that constitutes forward-looking statements (within the meaning of the Private Securities Litigation Reform Act of 1995) that are based on current expectations that involve a number of risks and uncertainties. Actual results may differ materially from the results expressed in forward-looking statements. Factors that might cause such a difference include changes in interest rates and interest rate relationships; demand for products and services; the degree of competition by traditional and non-traditional competitors; changes in banking regulation; changes in tax laws; changes in prices; levies and assessments; the impact of technological advances; governmental and regulatory policy changes; the outcomes of contingencies; trends in customer behavior as well as their ability to repay loans; changes in the national and local economy; and other factors, including risk factors. The Company undertakes no obligation to update or clarify forward-looking statements, whether as a result of new information, future events or otherwise.
CONTACT: Randy Cloes, EVP & CFO 425 691 5014 www.foundationbank.comSource:Foundation Bancorp