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News Breaks | | | | December 13, 2012 | | 16:17 EDT |  | TSBK | Timberland Bancorp announces lifting of memorandum of understanding
Timberland Bancorp reported the FDIC and the Washington State Department of Financial Institutions have notified Timberland Bank that they have lifted the Memorandum of Understanding which was dated December 29, 2009 for the Bank. The notice stated that the MOU is hereby rescinded and no further reporting is necessary.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 two years, including our significantly increased profitability for the year ended September 30, 2012," said Michael R. Sand, President and CEO. "The improvement in operating performance is a testament to the diligent efforts of the entire Timberland team." | |
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