Franklin, Tenn.-based Franklin Financial Network Inc. said that banking regulators have terminated the memorandum of understanding signed by unit Franklin Synergy Bank in November 2016.

The termination was effective Jan. 14.

Franklin Synergy Bank signed an MOU with the Federal Reserve Bank of Atlanta and the Tennessee Department of Financial Institutions that required an enhancement of the bank's credit risk management practices and prior written approval when paying dividends to Franklin Financial Network.