The Federal Reserve Board on May 15 announced the termination of a written agreement with Tulsa, Okla.-based Oklahoma Capital Bank, previously known as Freedom Bank of Oklahoma.

The April 2013 agreement prohibited Freedom Bank of Oklahoma from declaring or paying dividends or any other form of payment representing a reduction in capital without prior regulatory approval. In addition, the bank was required to obtain regulatory approval in appointing new directors or senior executive officers, or changing the responsibilities of any senior executive officer such that the individual would assume a different position.

The termination of the enforcement action took effect May 10.

Oklahoma Capital Bank is a unit of Capital Bank Holdings Inc.