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Fed terminates enforcement action against Devon Bancorp

The Federal Reserve Board on April 4 terminated the enforcement action it issued against Devon Bancorp Inc., according to an April 6 press release.

The enforcement action, which was issued March 13, 2013, required the Chicago-based company to seek Fed approval before declaring or paying dividends. It also prohibited the Chicago-based company in making any distributions of interest, principal, or other sums on subordinated debentures or trust preferred securities without Fed approval.

Devon Bancorp is the parent of Devon Bank.