River Financial Corp Ends Consent Order with Regulators

River Financial Corporation (the "Company"), a state commercial bank headquartered in Alabama, has announced the termination of a Consent Order by regulatory authorities. On Monday, the Company received notice from the Federal Deposit Insurance Corporation (FDIC) and the Alabama State Banking Department (ASBD) that the Consent Order, initially issued on March 12, 2024, had been lifted as of March 17, 2025.

The Consent Order was put in place to address and enhance the Bank’s Anti-Money Laundering and Countering the Financing of Terrorism (AML/CFT) program, following the Bank Secrecy Act guidelines. While the Bank did not admit to or deny any legal violations, it was required to implement several corrective actions. These included revising the AML/CFT compliance program, conducting risk assessments, improving internal controls, providing additional employee training, hiring a qualified consultant for resource assessment, appointing a dedicated AML/CFT officer, initiating a training program for the Board of Directors and staff, and performing an independent review of certain accounts and transactions for any suspicious activity.

The Company had previously disclosed the details of this Consent Order in its Form 10-K filed with the SEC on March 11, 2025. The termination of the Consent Order indicates that the Bank has satisfied the requirements set forth by the FDIC and ASBD.

The termination is significant as it marks the successful resolution of the regulatory concerns raised against River Bank & Trust, a subsidiary of River Financial Corporation. The Bank’s efforts to comply with the imposed measures demonstrate its commitment to maintaining robust compliance programs and adhering to regulatory standards.

Investors and stakeholders were informed of the development through the Company’s filing with the SEC. The termination of the Consent Order is expected to remove the operational restrictions that were previously placed on the Bank, allowing it to focus on its growth and service to customers without the additional oversight measures.

This news is based on a press release statement and the information contained in the latest 8-K filing by River Financial Corporation with the Securities and Exchange Commission.

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