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FDIC Enforcement Decisions and Orders

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{{4-30-93 p.C-1812}}
   [10,417] In the Matter of First State Bank of Alsip, Alsip, Illinois, Docket No. FDIC-91-420b (12-31-91).

   Bank to cease and desist from such unsafe or unsound practices as following hazardous lending and lax collection practices: operating with inadequate capital; operating in violation of applicable laws or regulations; operating with excessive volumes of adversely classified assets; operating with inadequate allowance for loan and lease losses; operating in such a manner as to result in an inadequate net interest margin and new income; purchasing loans from affiliated banks without adequate prior review; operating with management whose policies are detrimental to the Bank; and failing to provide adequate supervision over the Bank's affairs. (This order was terminated by order of the FDIC dated 2-2-93; see ¶ 15,596.)

   [.1] Management—Qualifications—Review
   [.2] Capital—Tier 1 Capital—Increase/Maintain—Methods
   [.3] Dividends—Restricted
   [.4] Loan Committee—Membership, Meeting Frequency, Duties
   [.5] Assets—Adversely Classified—Eliminate/Reduce
   [.6] Allowance for Loan and Lease Losses—Establish/Maintain
   [.7] Loan Policy—Written Revision—Minimum Requirements
   [.8] Bank Holding Company—Transactions With—Restricted
   [.9] Loans—Risk Position—Reduce—Written Plan Required
   [.10] Loans—Extensions of Credit—Existing Borrowers—Curtail
   [.11] Loans—Concentration of Credit—Reduction Plan
   [.12] Assets—Total Assets—Limits on Increase
   [.13] Violations of Law—Eliminate/Correct
   [.14] Loans—Special Mention—Correct Deficiencies
{{2-29-92 p.C-1813}}
   [.15] Technical Exceptions—Eliminate/Correct
   [.16] Profit Plan—Minimum Requirements
   [.17] Shareholders—Disclosure—Cease and Desist Order
   [.18] Compliance Reports—Frequency

In the Matter of

FIRST STATE BANK OF ALSIP
ALSIP, ILLINOIS
(Insured State Nonmember Bank)
ORDER TO CEASE AND DESIST

   First State Bank of Alsip, Alsip, Illinois ("Bank"), having been advised of its right to a NOTICE OF CHARGES AND OF HEARING detailing the unsafe or unsound banking practices and violations of law and regulation alleged to have been committed by the Bank, and of its right to a hearing on the charges under section 8(b) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(b), and having waived those rights, entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF AN ORDER TO CEASE AND DESIST ("CONSENT AGREEMENT") with counsel for the Federal Deposit Insurance Corporation ("FDIC"), dated December 27, 1991, whereby, solely for the purpose of this proceeding and without admitting or denying the charges of unsafe or unsound banking practices and violations of law and regulation, the Bank consented to the issuance of an ORDER TO CEASE AND DESIST ("ORDER") by the FDIC.
   The FDIC considered the matter and determined that it had reason to believe that the Bank has engaged in unsafe or unsound banking practices and has violated laws and regulations. The FDIC, therefore, accepted the CONSENT AGREEMENT and issued the following:

ORDER TO CEASE AND DESIST

   IT IS HEREBY ORDERED that the Bank, its institution-affiliated parties, as that term is defined in section 3(u) of the Act, 12 U.S.C. § 1813(u), and its successors and assigns, cease and desist from the unsafe or unsound banking practices and violations of law and regulation listed below, each of which refers to conduct or practices described in the FDIC Report of Examination dated March 2, 1991:
   A. Engaging in hazardous lending and lax collection practices;
   B. Operating with an inadequate level of capital for the kind and quality of assets held;
   C. Violating the collateral requirements of section 23A of the Federal Reserve Act, 12 U.S.C. § 371c; the safe and sound banking practices requirement of section 23A of the Federal Reserve Act, 12 U.S.C. § 371c; the lending limit restrictions of section 23A of the Federal Reserve Act, 12 U.S.C. § 371c; the terms and creditworthiness requirements of section 215.4(a) of Regulation O of the Board of Governors of the Federal Reserve System ("Regulation O"), 12 C.F.R. § 215.4(a); the prior approval and abstention from voting requirements of section 215.4(b) of Regulation O, 12 C.F.R. § 215.4(b); the minimum capital requirements of section 325.3 of the FDIC Rules and Regulations, 12 C.F.R. § 325.3; the reporting requirements of section 349.3 of FDIC Rules and Regulations, 12 C.F.R. § 349.3; the annual disclosure requirements of section 350 of FDIC Rules and Regulations, 12 C.F.R. § 350; the restriction on payment of interest on deposits requirement of section 329; the appraisal requirements of section 323 of FDIC Rules and Regulations, 12 C.F.R. § 323; and the report filing requirements of section 103.22 of the Secretary of the Treasury's Financial Recordkeeping Regulations, 31 C.F.R. § 103.22;
   D. Operating with an excessive level of classified assets;
   E. Operating with an excessive level of speculative real estate loans;
   F. Operating with an inadequate allowance for loan and lease losses for the volume, kind, and quality of loans held;
   G. Operating in such a manner as to result in an inadequate net interest margin and net income;
   H. Purchasing loans from affiliated banks without adequate prior review;
   I. Operating with a management whose policies and practices are detrimental to the Bank and which jeopardize the safety of its deposits; and
   J. Operating with a board of directors
{{2-29-92 p.C-1814}}which has failed to provide adequate supervision over and direction to the management of the Bank. IT IS FURTHER ORDERED, that the bank, its institution-affiliated parties, and its successors and assigns, take affirmative action as follows:

   [.1] 1. (a) The Bank shall have and retain qualified management. At a minimum, such management shall include: (i) a chief executive officer with proven ability in managing a bank of comparable size and experience in upgrading a low quality loan portfolio; (ii) a senior lending officer with an appropriate level of lending, collection, and loan supervision experience for the type and quality of the Bank's loan portfolio. Such persons shall be provided the necessary written authority to implement the provisions of this ORDER. The qualifications of management shall be assessed on its ability to:

       (i) comply with requirements of this ORDER;
       (ii) operate the Bank in a safe and sound manner;
       (iii) comply with applicable laws and regulations; and
       (iv) restore all aspects of the Bank to a safe and sound condition, including asset quality, capital adequacy, earnings, management effectiveness, and liquidity.
   During the life of this ORDER, the Bank shall notify the Regional Director of the Chicago Regional Office of the FDIC ("Regional Director") and the Commissioner of Banks and Trust Companies for the State of Illinois ("Commissioner") in writing of any changes in any of the Bank's management. For purposes of this ORDER, "management" is defined as members of the board of directors and "senior executive officers" as that term is defined in section 32 of the Act ("section 32"), 12 U.S.C. § 1813(i) and section 303.14 of the FDIC's Rules and Regulations, 12 C.F.R. § 303.14. Prior to the addition of any individual to the board of directors or the employment of any individual as a senior executive officer, the Bank shall comply with the requirements of section 32 and section 303.14.

   [.2] 2. (a) Within 270 days from the effective date of this ORDER, the Bank shall increase its Tier 1 capital by not less than $500,000.
   (b) Within 30 days of each June 30 and December 31 following the date of required compliance with paragraph 2 (a) of this ORDER, the Bank shall determine its level of Tier 1 capital and Tier 1 capital plus Tier 2 capital as a percentage of its total assets ("capital ratios") for the calendar quarter ending on that June 30 and December 31 date. If the capital ratios are less than 7 percent and 9 percent, respectively, the Bank shall, within 90 days of the date of the required determination, increase its capital ratios to not less than 7 percent and 9 percent, respectively, calculated as of the end of the preceding semiannual period. For purposes of this ORDER. Tier 1 and Tier 2 capital, the capital ratio, and total assets shall be calculated in accordance with Part 325 of the FDIC's Rules and Regulations ("Part 325"), 12 C.F.R. Part 325 and all appendices thereto.
   (c) Any such increase in Tier 1 and Tier 2 capital may be accomplished by one or more of the following options which are listed without regard to priority:

       (i) The sale of common stock and noncumulative perpetual preferred stock constituting Tier 1 capital under Part 325; or
       (ii) The elimination of all or part of the assets classified "Loss" as of March 2, 1991, without loss of liability to the Bank, provided any such collection on a partially charged off asset shall first be applied to that portion of the asset which was not charged off pursuant to this ORDER; or
       (iii) The collection in cash of assets previously charged-off; or
       (iv) The direct contribution of cash by the directors and/or the shareholders of the Bank or its holding company; or
       (v) Any other means acceptable to the Regional Director and Commissioner; or
       (vi) Any combination of the above means.
   (d) If all or part of the increase in capital required by this paragraph is to be accomplished by the sale of new securities, the board of directors of the Bank shall adopt and implement a plan for the sale of such additional securities, including the voting of any shares owned or proxies held by or controlled by them in favor of said plan. Should be implemen- {{2-29-92 p.C-1815}}tation of the plan involve public distribution of the Bank's securities, including a distribution limited only to the Bank's existing shareholders, the Bank shall prepare detailed offering materials fully describing the securities being offered, including an accurate description of the financial condition of the Bank and the circumstances giving rise to the offering, and any other material disclosures necessary to comply with the Federal securities laws. Prior to implementation of the plan and, in any event, not less than 20 days prior to the dissemination of such materials, the materials used in the sale of the securities shall be submitted to the FDIC Registration and Disclosure Section, Room G-4070, 550 17th Street, N.W., Washington, D.C. 24029, for its review. Any changes requested to be made in the materials by the FDIC shall be made prior to their dissemination.
   (e) In complying with the provisions of paragraph 2(d) of this ORDER, the Bank shall provide to any subscriber and/or purchase of the Bank's securities written notice of any planned or existing development or other changes which are materially different from the information reflected in any offering materials used in connection with the sale of Bank securities. The written notice required by this paragraph shall be furnished within 10 calendar days of the date any material development or change was planned or occurred, whichever is earlier, and shall be furnished to every purchaser and/or subscriber of the Bank's original offering materials.
   (f) The capital ratio analysis as of June 30 and December 31 of each year as described in paragraph 2(b) of the ORDER shall not negate the responsibility of the Bank and its board of directors for maintaining throughout the year an adequate level of capital protection for the kind, quality and degree of market depreciation of assets held by the Bank.

   [.3] 3. As of the effective date of this ORDER, the Bank shall not declare or pay any cash dividend without prior written consent of the Regional Director and Commissioner.

   [.4] 4. As of the effective date of this ORDER, the Bank's loan committee shall meet at least monthly, and shall include a majority of directors who are "independent". For purposes of this ORDER, "independent" is defined as an individual who is not: (1) an employee or officer of the Bank or an employee, officer, or director of First Alsip Bancorp., Inc. ("Holding Company") or any other affiliate of the Bank as that term is defined in section 23A of the Federal Reserve Act, 12 U.S.C. § 371c, or related by blood or marriage to any officer of the Bank or any stockholder owning more than five percent of the Bank's or Holding Company's outstanding shares; or (2) indebted to the Bank or to any of its affiliates, directly or indirectly (including the indebtedness of any "related interest" as that term is defined at 12 C.F.R. § 215.2(k)) in an amount exceeding five percent of the Bank's capital and unimpaired surplus as defined at 12 C.F.R. § 215.2(f).
   The loan committee shall, at a minimum, perform the following functions:

       (a) Evaluate, grant, and/or approve loans in accordance with the Bank's loan policy amended to comply with this ORDER. The loan committee shall provide a thorough written explanation of any deviations from the loan policy, which statement shall address how said exceptions are in the Bank's best interest and which shall be reflected in the minutes of the corresponding committee meeting.
       (b) Review and monitor the status of repayment and collection of overdue and maturing loans, as well as all other loans that were classified "Substandard" in the FDIC's Report of Examination as of March 2, 1991, or that are included on the Bank's internal watch list.
       (c) Review and give prior written approval for all advances, renewals or extensions of credit to any borrower or the borrower's related interests when the aggregate volume of credit extended to the borrower and the borrower's related interests exceeds $50,000. For the purposes of this ORDER the term "related interest" is defined pursuant to section 215.2(k) of Regulation O of the Board of Governors of the Federal Reserve System, 12 C.F.R. § 215.2(k).
       (d) Review all applications for new loans and renewals of existing loans to Bank directors, executive officers, and their related interests, and prepare a written opinion as to whether the credit is in
    {{2-29-92 p.C-1816}}conformance with the Bank's loan policy and all applicable laws and regulations. Such applications, renewals, and written opinions shall be referred to the Bank's board of directors for consideration.
       (e) Maintain written minutes of the committee meetings which include a record of the review and status of the aforementioned loans. Such Committee meeting minutes shall be made available at the Bank's next board of directors meeting.

   [.5] 5. As of the effective date of this ORDER, the Bank shall eliminate from its books, by charge off or collection, all assets or portions of assets classified "Loss" as of March 2, 1991, that have not been previously collected or charged off. Elimination or reduction of these assets with the proceeds of other Bank extensions of credit is not considered collection for the purpose of this paragraph.

   [.6] 6. (a) Within 10 days from the effective date of this ORDER, the Bank shall replenish its allowance for loan and lease losses ("ALLL") by an expense entry in an amount equal to those loans required to be charged off by paragraph 5 of this ORDER.
   (b) Within 30 days from the effective date of this ORDER, the Bank shall make an additional provision for loan and lease losses which, after review and consideration by the board of directors, reflects the potential for further losses in the remaining loans or leases classified "Substandard" and all other loans and leases in its portfolio. At a minimum, the ALLL shall equal at least 2.5 percent of total loans.
   (c) Within 30 days from the effective date of this ORDER. Reports of Condition and Income required by the FDIC and filed by the Bank subsequent to March 2, 1991, shall be amended and refiled to the extent they do not reflect all provisions taken for loan losses and an ALLL which are adequate for those respective periods considering the condition of the Bank's loan portfolio, and which, at a minimum, incorporate the adjustments required by the paragraphs of this ORDER.
   (d) Prior to submission or publication of all Reports of Condition and Income required by the FDIC after the effective date of this ORDER, the board of directors of the Bank shall review the adequacy of the Bank's ALLL and accurately report the same. The minutes of the board meeting at which such review is undertaken shall indicate the findings of the review, the amount of increase in the reserve recommended, if any, and the basis for determination of the amount of reserve provided.

   [.7] 7. Within 60 days from the effective date of this ORDER, and annually thereafter, the board of directors of the Bank shall review the Bank's loan policy and procedures for adequacy and, based upon this review, shall make all appropriate revisions to the policy necessary to strengthen lending procedures and abate additional loan deterioration. The revised written loan policy and any subsequent modifications shall be submitted to the Regional Director and Commissioner for review and comment.
   The initial revisions to the Bank's loan policy required by this paragraph, at a minimum, shall include provisions:

       (i) addressing acceptable qualifications for real estate appraisers as set out in BL-40-87 dated December 14, 1987 (Guidelines for Real Estate Appraisal Policies and Review Procedures), and establishing review and monitoring provisions for compliance with the FDIC's regulation on appraisals, 12 C.F.R. Part 323;
       (ii) designating the Bank's normal trade area.
       (iii) establishing review and monitoring procedures to ensure that all lending personnel are adhering to the established procedures and that the directorate is receiving timely and fully documented reports.
       (iv) requiring that all extensions of credit originated or renewed by supported by current credit information; collateral documentation, including lien searches and the perfection of security interests; have a clearly defined and stated purpose; and have a predetermined and realistic repayment source and schedule; and requiring that such documentation shall include current financial information, profit and loss statements or copies of tax returns and cash flow projections, and shall be maintained throughout the term of the loan with loan maintained throughout the term of the loan with loan officer notations and comments.
       (v) requiring loan committee review
    {{2-29-92 p.C-1817}}and monitoring of the status of repayment and collection of overdue and maturing loans, as well as those loans which were classified "Substandard" in the FDIC Report of Examination as of March 2, 1991.
       (vi) requiring the establishment and maintenance of a loan grading system and internal loan watch list.
       (vii) requiring a written plan to lessen the risk position in each line of credit identified as a problem credit on the Bank's internal loan watch list.
       (viii) prohibiting the capitalization of interest or loan related expenses unless the board of directors provides, in writing, a detailed explanation of why said deviation is in the best interest of the Bank.
       (ix) requiring that extensions of credit to any of the Bank's executive officers, directors, or principal shareholders, or to any related interest of such person, be thoroughly reviewed for compliance with all provisions of Regulations O and Section 23A.
       (x) requiring prior written approval by the Bank's loan committee for any extension of credit, renewal or disbursement in an amount which when aggregated with all other extensions of credit to that person and related interests of that person, exceeds $50,000. For the purpose of this paragraph "related interest" is defined as that term is defined in section 215.2(k) of Regulations O, 12 C.F.R. § 215.2(k).
       (xi) requiring a nonaccrual policy in accordance with the Federal Financial Institutions Examinations Council's ("FFIEC") Instructions for the Consolidated Reports of Condition and Income.
       (xii) requiring accurate reporting of past due loans to the loan committee on at least a monthly basis.
       (xiii) addressing concentrations of credit and diversification of risk, including goals for portfolio mix, establishment of limits within loan and other asset categories, and development of a tracking and monitoring system for the economic and financial condition of specific geographic locations, industries and groups of borrowers.
       (xiv) requiring strict guidelines and review of out-of-territory loans which, at a minimum, shall include complete credit documentation, approval by a majority of the board of directors prior to disbursement of funds and a detailed written explanation why such a loan is in the best interest of the Bank.
       (xv) establishing standards for extending unsecured credit.
       (xvi) incorporating limitations on the amount that can be loaned in relation to established collateral values, including the requirement that the source of the valuations be identified and which require that such collateral valuations shall be completed prior to the disbursement of loan proceeds and shall be performed on a periodic basis over the term of the loan.
       (xvii) establishing standards for the institution of collection efforts by the loan officer or legal counsel, and procedures to ensure timely recognition of loss through charge-off, where appropriate.
       (xviii) requiring that collateral appraisals be completed prior to the making of secured extensions of credit. In addition, periodic collateral valuations shall be performed for all secured "problem loans."
       (xix) establishing limitations on the maximum volume of loans in relations to total assets.
   Within 30 days after the receipt of any comments from the Regional Director or Commissioner and after the adoption of any recommended changes the board of directors shall approve and implement the written loan policy and/or any subsequent modification thereto. The approvals shall be recorded in the minutes of a board of directors meeting.

   [.8] 8. (a) As of the effective date of this ORDER, the Bank shall not purchase, either directly or indirectly, any loan, participation loan or other asset from any Bank affiliate, without the prior written consent of the Regional Director and Commissioner.
   (b) As of the effective date of this ORDER, the Bank shall not make any other payment, either directly or indirectly, to or for the benefit of the Bank's Holding
{{2-29-92 p.C-1818}}Company or any other Bank affiliate, without the prior written consent of the Regional Director and Commissioner.
   (c) The Bank shall not enter into any contract with the Holding Company or any other Bank affiliate or increase payment under any existing contract by more than $1,000 annually without submitting the new contract or information concerning the increase in any existing contract to the Regional Director and Commissioner for review and opportunity for comment. Within 30 days from receipt of any comment from the Regional Director and Commissioner and after the adoption of any recommended changes, the Bank may enter into the contract.

   [.9] 9. Within 90 days from the effective date of this ORDER, the Bank shall formulate and submit to the Regional Director and Commissioner for review and comment, a written plan to reduce the Bank's risk position in each asset in excess of $50,000 which is classified "Substandard" in the FDIC's Report of Examination of March 2, 1991. Such plan shall include, but not be limited to, the following:
   (a) Dollar levels to which the Bank shall reduce each asset within 6 and 12 months from the effective date of this ORDER; and
   (b) Provisions for the submission of monthly written progress reports to the Bank's board of directors for review and notation in minutes of the meetings of the board of directors. As used in this paragraph, "reduce" means to (1) collect; (2) charge-off; or (3) improve the quality of such assets so as to warrant removal of any adverse classification by the FDIC or Commissioner.

   [.10] 10. (a) As of the effective date of this ORDER, the Bank shall not extend, directly or indirectly, any additional credit to, or for the benefit of, any borrower who is already obligated in any manner to the Bank on any extensions of credit, including any portion thereof, that has been charged off the books of the Bank so long as such credit remains uncollected.
   (b) As of the effective date of this ORDER, the Bank shall not extend, directly or indirectly, any additional credit to, or for the benefit of, any borrower whose loan or other credit has been classified "Substandard" or is listed for Special Mention and is uncollected unless the Bank's board of directors has adopted, prior to such extension of credit, a detailed written statement giving the reasons why such extension of credit is in the best interests of the Bank. A copy of the statement shall be placed in the appropriate loan file and shall be included in the minutes of the applicable board of director's meeting.

   [.11] 11. Within 90 days from the effective date of this ORDER, the Bank shall formulate and submit to the Regional Director and Commissioner for review and comment, a written plan to reduce each of the loan concentrations of credit identified on pages 2-b and 2-b-1 of the FDIC's Report of Examination of March 2, 1991. This plan shall prohibit any additional advances that would increase the concentrations or create new concentrations and shall include, but not be limited to, the following:

       (a) Dollar levels to which the Bank shall reduce each concentration within 6 and 12 months from the effective date of this ORDER; and
       (b) Provisions for the submission of monthly written progress reports to the Bank's board of directors for review and notation in minutes of the meetings of the board of directors.

   [.12] 12. During the life of this Order, the Bank shall not increase its total assets by more than 3 percent during any consecutive three month period without first providing, at least 30 days prior to its implementation, a growth plan to the Regional Director and Commissioner. Such growth plan shall include the funding source to support the projected growth, as well as the anticipated use of funds. This growth plan shall not be implemented without the prior written consent of the Regional Director and Commissioner. In no event shall the Bank increase its total assets by more than 10 percent annually. For the purpose of this paragraph, "total assets" has the meaning ascribed to that term by the FFIEC's Instructions for the Consolidated Reports of Condition and Income.

   [.13] 13. Within 90 days from the effective date of this ORDER, the Bank shall implement a plan to eliminate and/or correct all violations of law and/or regulation described on pages 6-b to 6-b-5 of the FDIC Report of Examination as of March 2, 1991. In addition, the Bank shall implement procedures to effect future compliance with all applicable laws and regulations.

{{2-29-92 p.C-1819}}
   [.14] 14. Within 90 days from the effective date of this ORDER, the Bank shall correct all deficiencies in the loans listed for "Special Mention" on pages 2-e through 2-e-2 in the FDIC Report of Examination as of March 2, 1991.

   [.15] 15. Within 90 days from the effective date of this ORDER, the Bank shall correct the technical exceptions listed on page 2-c in the FDIC Report of Examination as of March 2, 1991.

   [.16] 16. (a) Within 90 days from the effective date of this ORDER, the Bank shall formulate a written profit plan and a realistic, comprehensive budget for all categories of income and expense for calendar year 1991 and each calendar year thereafter while this ORDER is in effect. The plan required by this paragraph shall contain formal goals and strategies, consistent with sound banking practices, to reduce discretionary expenses and to improve the Bank's overall earnings and shall contain a description of the operating assumptions that form the basis for major protected income and expense components.
   (b) The plan and budget required by this paragraph, upon completion, shall be submitted to the Regional Director and Commissioner for review and comment. Within 30 days of the receipt of all such comments from the Regional Director and Commissioner and after consideration of all such comments the Bank shall approve and implement the plan. The approval shall be recorded in the minutes of a board of director's meeting.
   (c) Prior to the end of each calendar quarter, the Bank's board of directors shall evaluate the Bank's actual performance in relation to the plan and budget required by this paragraph and record the results of the evaluation, and any actions taken by the Bank, in the minutes of the board of directors' meeting at which such evaluation is undertaken.
   (d) The written profit plan and budget required by this ORDER shall be prepared and submitted for review and comment 30 days prior to each calendar year for which this ORDER is in effect.

   [.17] 17. Following the effective date of this ORDER, the Bank shall send to its shareholders or otherwise furnish a description of this ORDER: (1) in conjunction with the Bank's next shareholder communication; and (2) in conjunction with its notice or proxy statement preceding the Bank's next shareholder meeting. The description shall full describe the ORDER in all material respects. The description and any accompanying communication, statement or notice shall be sent to the FDIC Registration and Disclosure Section, Room G-4070, 550 17th Street, N.W., Washington, D.C. 20429, for review at least twenty (20) days prior to dissemination to shareholders. Any changes requested to be made by the FDIC shall be made prior to dissemination of the description, communication, notice or statement.

   [.18] 18. On the last day of the second month following the date of issuance of this ORDER, and every third month thereafter, the Bank shall furnish written progress reports, signed by each member of the Bank's board of directors, to the Regional Director and Commissioner detailing the form and manner of any actions taken to secure compliance with the ORDER and the results thereof. Such reports may be discontinued when the corrections required by this ORDER have been accomplished and the Regional Director and Commissioner have, in writing, released the Bank from making further reports.
   The effective date of this ORDER shall be ten (10) days after its issuance by the FDIC.
   The provisions of this ORDER shall be binding upon the Bank, its institution affiliated parties, and its successors and assigns.
   The provisions of this ORDER shall remain effective and enforceable except to the extent that, and until such time as, any provisions of this ORDER shall have been modified, terminated, suspended, or set aside by the FDIC.
   Dated: December 31, 1991.
   Pursuant to delegated authority.

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