Federal and New Jersey regulators have lifted orders they implemented three years ago for Fulton Bank of New Jersey, the bank's Lancaster-based parent company Fulton Financial Corp. said Thursday.
The consent orders, dating to February 2015, required the bank to address deficiencies in its compliance with Bank Secrecy Act and anti-money laundering regulations.
All six of Fulton Financial's subsidiary banks, plus the holding company itself, were subjected to consent orders in 2014 and 2015 due to deficiencies in compliance with Bank Secrecy Act and anti-money laundering regulations.
Fulton Financial responded by spending $31 million and nearly doubling its compliance staff from 2014 through 2016.
Last year, the orders were lifted for Fulton Bank, FNB Bank and Swineford National Bank. They remain in force for Fulton Financial; for Lafayette Ambassador Bank, based in Allentown; and for Columbia Bank, based in Maryland.
“Our entire team remains focused on achieving similar resolutions ... at our two other banking subsidiaries and the holding company," Fulton Financial President and CEO E. Philip Wenger said in a statement.
Fulton Financial is working on merging all its subsidiaries into a single bank, Fulton Bank. In May, it received permission to do so with FNB and Swineford National banks. They are expected to become part of Fulton Bank in the fourth quarter this year.
A spokesperson confirmed Friday that lifting the consent order for Fulton Bank of New Jersey helps clear the way for its merger into Fulton Bank.
With assets of $20 billion, Fulton Financial operates 240 branches through its subsidiaries and employs roughly 3,700 people.