{{5-31-02 p.C-3527}}
[¶10,909A] In the Matter of Riverbend Bank, National Association, Fort Worth,
Texas, Docket No. 93-234kk (11-30-93).
FDIC issues order conditionally granting approval for exemption of
liability.
[.1] Exemption from LiabilityConditional on Control of BankTime Frame
[.2] Exemption from LiabilityInjection of Capital Required
[.3] Exemption from LiabilityRevocation for Non-Compliance
[.4] Exemption from LiabilityReasonable Losses
In the Matter of
RIVERBEND BANK, NATIONAL ASSOCIATION
FORT WORTH, 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-93-234kk
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, Bonnet Resources, Inc. ("Bonnet"), the FDIC's
collection agent for a loan collateralized by the stock of Riverbend,
has been attempting to market Riverbend; and
WHEREAS, in order to facilitate the marketing of Riverbend, Ameritex
and Bonnet requested that the FDIC grant to Riverbend an appropriate
exemption with respect to liability for losses incurred or reasonably
anticipated to be incurred by the FDIC from the default of or FDIC
assistance to Haltom; and
WHEREAS, on March 2, 1993, in Docket No. FDIC-93-45kk, the Board of
Directors ("Board") of the FDIC denied the request for exemption
regarding Riverbend; and
WHEREAS, a group of local investors ("investor group"), all of
whom are unrelated to the owners of the parent Ameritex, have now
entered into a Stock Purchase Agreement whereby they have agreed to
purchase a controlling percentage of Riverbend's common stock for a
total purchase price of $200,000 and to also make an additional capital
contribution of not less than $110,000 to Riverbend; and
WHEREAS, the proposed stock purchase and capital contribution 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), Riverbend from liability for any losses incurred or
reasonably anticipated to be incurred by the FDIC from the default of
or FDIC assistance to Haltom; and
WHEREAS, Riverbend has requested that the FDIC grant to Riverbend an
appropriate exemption with respect to liability for any losses incurred
or reasonably anticipated to be incurred by the FDIC from the default
of or FDIC assistance to Haltom; and
WHEREAS, the Board, having fully considered the facts and information
relating to the foregoing request for exemption from liability, and
having considered the recommendation of the Division of Supervision of
the FDIC, has concluded that an exemption would now 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][.2][.3]1. This ORDER CONDITIONALLY GRANTING APPROVAL FOR EXEMPTION FROM
LIABILITY ("ORDER") will become effective upon the acquisition of
control of Riverbend by the investor group and the injection of not
less than $110,000 of additional equity capital into Riverbend within
six months from the date of issuance of this ORDER, and, absent such
acquisition and injection within that time period, this ORDER will
become null and void, unless, upon the written request of the investor
group or Riverbend, the FDIC grants an extension of that time period.
[.4]2. 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.
By direction of the Board of Directors.
Dated at Washington, D.C., this 30th day of November, 1993.