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FDIC Enforcement Decisions and Orders

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   [10,715A] In the Matter of American Bank of Commerce, Grapevine, Texas, Docket No. 93-22kk (2-5-93).

   FDIC issues order conditionally granting approval for exemption of liability.

   [.1] Exemption from Liability—Conditional on Control of Bank—Time Frame

   [.2] Exemption from Liability—Reasonable Losses

   [.3] Exemption from Liability—Revocation for Non-Compliance

In the Matter of
AMERICAN BANK OF COMMERCE
GRAPEVINE, TEXAS
(Insured Depository Institution)
related to
AMERICAN BANK OF HALTOM CITY
HALTOM CITY, TEXAS
(Commonly Controlled Insured Depository Institution)
ORDER CONDITIONALLY GRANTING APPROVAL FOR EXEMPTION FROM LIABILITY

FDIC-93-22kk

   WHEREAS, Ameritex Bancshares Corporation, Fort Worth, Texas ("Ameritex"), is a bank holding company whose subsidiary banks included American Bank of Haltom City, Haltom City, Texas ("Haltom"), Riverbend Bank, National Association, Fort Worth, Texas ("Riverbend"), and American Bank of Commerce, Grapevine, Texas ("Grapevine"); and

   WHEREAS, on or about February 5, 1993, the Banking Commissioner for the State of Texas deemed Haltom to be insolvent and appointed the Federal Deposit Insurance Corporation ("FDIC") as receiver of Haltom, and thereafter Haltom was closed; and

   WHEREAS, two individuals, James Doss and Billy Knight, have proposed to purchase 100 percent of the capital stock of Grapevine from Ameritex for a contract purchase price of $1,700,000, which amount will be paid to Bonnet Resources, Inc., the collection agent of the FDIC for a loan collateralized by the stock of Grapevine, with the proceeds to inure to the benefit of the FDIC; and

   WHEREAS, the proposed Doss and Knight acquisition is conditional upon the FDIC exempting, pursuant to section 5(e)(5)(A) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. §1815(e)(5)(A), Grapevine from any losses incurred or reasonably anticipated to be incurred by the FDIC from the default of or FDIC assistance to Haltom; and

   WHEREAS, Ameritex and Grapevine have requested that the FDIC grant to Grapevine an appropriate exemption with respect to losses incurred or reasonably anticipated to be incurred by the FDIC from the default of or FDIC assistance to Haltom; and

   WHEREAS, the Board of Directors ("Board") of the FDIC, having fully considered the facts and information relating to the foregoing request for exemption from losses, as well as the recommendation of the Division of Supervision of the FDIC, has concluded that an exemption regarding losses not only from the default of Haltom but also from any future default of Riverbend would be in the best interest of the Bank Insurance Fund, and that an appropriate exemption should be and hereby is granted, subject to the conditions and restrictions set forth below.

   IT IS THEREFORE ORDERED:

   [.1]1. This ORDER CONDITIONALLY GRANTING APPROVAL FOR EXEMPTION FROM LIABILITY ("ORDER") will become effective upon the acquisition of control of Grapevine by Doss and Knight within ninety (90) days from the date of issuance of this ORDER, and, absent such acquisition within that time period, this ORDER will become null and void, unless, upon the written request of Doss and Knight, Ameritex, or Grapevine, the FDIC grants an extension of that time period.

   2. IT IS FURTHER ORDERED, that the proceeds of the Doss and Knight acquisition of Grapevine must inure to the benefit of the FDIC within a reasonable time following consummation of such proposed acquisition.

   [.2]3. IT IS FURTHER ORDERED, that the exemption granted by this ORDER will apply to losses incurred or reasonably anticipated to be incurred from the default of or FDIC assistance to Haltom.

   4. IT IS FURTHER ORDERED, that the exemption granted by this ORDER will also apply to losses incurred or reasonably anticipated to be incurred from any default of or FDIC assistance to Riverbend, should such occur.

   [.3]5. IT IS FURTHER ORDERED, that should the FDIC determine that Grapevine, or any other insured depository institution affiliate of Grapevine, has failed to comply fully with the aforesaid restrictions, the FDIC shall have the right to revoke this exemption after giving Grapevine written notice of said revocation and a reasonable opportunity to be heard on the matter.

   By direction of the Board of Directors.

   Dated at Washington, D.C., this 5th day of February, 1993.

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Last Updated 6/6/2003 legal@fdic.gov