CORAL GABLES, Fla., March 10, 2009 (GLOBE NEWSWIRE) -- Great Florida Bank (Nasdaq:GFLB) announced today the Federal Deposit Insurance Corporation has lifted a 2006 Order to Cease and Desist.
The Order had been issued when deficiencies were found relating to the bank's compliance with the Bank Secrecy Act (BSA) and Anti-Money Laundering (AML) rules and regulations. The order was lifted upon determination that Great Florida Bank had addressed these issues.
"This is excellent news; we consider this a major accomplishment for our bank," stated Mehdi Ghomeshi, Chairman and CEO of Great Florida Bank. "We worked diligently to correct these issues by putting the right people and technology in place. We are extremely proud of the Great Florida Bank team for strengthening our policies and procedures, and for their dedication to establishing a strong culture of compliance.
"Our Directors and every Great Florida Bank associate remain committed to forwarding Great Florida Bank's mission and vision, building our brand in the markets we serve by continuing to develop and deepen relationships with our current consumer and business customers as well as working diligently to attract new relationships to our Great Bank," continued Ghomeshi.
About Great Florida Bank
Great Florida Bank (Nasdaq:GFLB), headquartered in Coral Gables, Florida, was established on June 30, 2004 as a state-charted commercial bank. The Bank listed on the NASDAQ Global Market on December 5, 2007 and joined the prestigious American Bankers Association Community Bank Index in June 2008. On December 31, 2008, total assets were $1.8 billion, Tier 1 Capital was $149 million, and the Tier 1 Leverage ratio was 8.3% -- 65% above the federal regulatory definition of a "Well Capitalized Bank." The Bank operates twenty-eight (28) Solution Centers throughout Miami-Dade, Broward and Palm Beach Counties. Great Florida Bank is committed to providing ideas and solutions to its customers' financial needs by conveniently delivering personalized, state-of-the-art products and services, such as GFB Mobile Banking for individual consumers and cash management clients and GFB Remote Deposit, in a relaxed environment. For further information, visit our website at www.greatfloridabank.com or call 866-514-6900. Member FDIC.