Colombo Bank is finally out from under stricter oversight. Here's what that means for its future.

Colombo Bank CEO Gilbert Kennedy was on vacation in Ocean City last month when he got the call from the Office of the Comptroller of the Currency. The agency informed him the bank, which has a longtime Little Italy branch, had been released from the heightened regulatory scrutiny it had been under for years. “I typed an email on my phone to all my employees at the bank letting them know,” Kennedy said. “I still have all their responses in a folder, and I will still have them when I retire.” It's…

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