Quontic Bank Announces Termination of OCC Consent Order

Regulatory agreement terminated effective June 30, 2026, reflecting the successful completion of comprehensive remediation efforts

ASTORIA, N.Y., July 16, 2026 /PRNewswire/ -- Quontic Bank today announced that the Office of the Comptroller of the Currency (OCC) has terminated the Consent Order dated October 5, 2022 (Docket No. AA-ENF-2022-25), effective June 30, 2026.

The termination reflects the OCC's determination that the Bank's safety and soundness, as well as its compliance with applicable laws and regulations, no longer require the continued existence of the Order.

"This milestone is a testament to the extraordinary commitment of our entire organization," said George Lazaridis, Chief Executive Officer of Quontic Bank. "From day one, we viewed this process not simply as a regulatory obligation, but as an opportunity to strengthen the foundation of our bank. I am incredibly proud of what we have accomplished together."

The termination follows a comprehensive, multi-year effort led by Quontic's Board of Directors, executive leadership, and employees to address the areas identified by the OCC and to strengthen the Bank's governance, risk management, compliance, and operational infrastructure. Throughout the process, Quontic remained focused on implementing meaningful, sustainable enhancements that will continue to support the Bank well into the future.

Quontic's Board of Directors provided consistent oversight and strategic guidance throughout the remediation process, helping ensure the Bank remained focused, accountable, and transparent at every stage.

"The Board has been deeply engaged throughout this process, and I want to thank my fellow directors for their diligence and partnership," said Michael Wirth, Lead Independent Director, and Sherri Schnall, Chairwoman of the Board of QBAC Holding Company. "Just as importantly, this achievement belongs to the employees of Quontic, whose commitment and professionalism made this outcome possible."

Leadership across the Bank's risk, compliance, audit, operations, and business functions played an instrumental role in designing and implementing the enhancements necessary to satisfy the OCC's expectations.

"Our leadership team worked alongside every department to ensure this was done thoughtfully and thoroughly," said Robert Russell, President. "The successful termination of the Consent Order reinforces our commitment to operating with integrity and maintaining the highest standards for our customers, regulators, and the communities we serve."

Quontic also recognizes the contributions of employees across every level of the organization, whose dedication to continuous improvement and commitment to doing the right thing helped make this milestone possible.

"None of this would have been possible without our people," added Russell. "Every employee who helped strengthen our processes, embraced higher standards, and remained committed to serving our customers played a role in this achievement. This outcome reflects the collective effort of our entire organization."

With the Consent Order now terminated, Quontic will continue building on the stronger governance, risk management, and compliance practices established during the remediation process. The Bank remains committed to operating safely and soundly while delivering innovative financial solutions and exceptional service to the customers and communities it serves.

About Quontic Bank
Quontic is the adaptive digital bank that empowers its customers financially while embracing their diverse circumstances. Quontic's innovative banking platform reimagines traditional banking with adaptive lending and innovative deposit products that transcend legacy banking inequities. Quontic's mission to break the system for financial empowerment stands in the face of big banks and proves there is a better and more equitable way to put the customer first. The bank focuses on truly understanding and serving the underdogs, entrepreneurs, gig-economy workers, immigrants, and more with a curated banking experience as opposed to a one-size-fits-all banking approach.

Quontic is a privately held company based in New York, New York.

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SOURCE Quontic Bank