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   [11,868] In the Matter of First Security Bank of Owensboro, Inc., Owensboro, Kentucky, Docket No. 01-154b (11-29-01).

(This matter was terminated by order of the FDIC dated 10-16-03; see ¶16,357.)

   A cease and desist order was issued, based on findings by the FDIC that it had reason to believe that respondent had engaged in unsafe and unsound practices.

   [.1] Management—Qualifications Specified

   [.2] Management—Management Report Required

   [.3] Capital—Maintain Tier 1 Capital

   [.4] Loan Loss Reserve—Establishment of or Increase Required

   [.5] Profit Plan—Preparation of Plan Required

   [.6] Assets—Charge-off or Collection

   [.7] Loans—Extensions of Credit—To Borrowers with Existing Adversely Classified Credits

   [.8] Loans—Internal Grading System Required

   [.9] Loans—Risk Position—Written Plan Required

   [.10] Loans—Special Mention

   [.11] Violations of Law—Correction of Violations Required

   [.12] Funds Management and Liquidity—Preparation or Revision of Funds Management Policy Required

   [.13] Dividends—Dividends Restricted

   [.14] Shareholders—Disclosure of Cease and Desist Order Required

In the Matter of
FIRST SECURITY BANK OF OWENSBORO, INC.,
OWENSBORO, KENTUCKY
(Insured State Nonmember Bank)
ORDER TO CEASE AND DESIST

FDIC-01-154b

   First Security Bank of Owensboro, Inc., Owensboro, Kentucky (the "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/or regulations alleged to have been committed by the Bank and of its right to a hearing on the alleged charges under section 8(b)(1) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. §1818(b)(1), 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 November 29, 2001, whereby solely for the purpose of this proceeding and without admitting or denying the alleged charges of unsafe or unsound banking practices and violations of law and/or regulations, 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 had engaged in unsafe or unsound banking practices and had committed violations of law and/or 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 directors, officers, employees, agents, and
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   other 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 following unsafe or unsound banking practices and violations:

       (a) Engaging in hazardous lending and lax collection practices;

       (b) Operating with inadequate capital in relation to the kind and quality of assets held by the Bank;

       (c) Operating with an inadequate loan valuation reserve;

       (d) Operating with inadequate provisions for liquidity;

       (e) Operating in such a manner as to produce operating losses;

       (f) Operating with management whose policies and practices are detrimental to the Bank and jeopardize the safety of its deposits;

       (g) Operating with a board of directors which did not provide adequate supervision over and direction to the active management; and

       (h) Operating in violation of Part 323 of the FDIC Rules and Regulations, 12 C.F.R. §323.3(b) and 4(a), 12 C.F.R. Part 323, in violation of Part 326 of the FDIC Rules and Regulations, 12 C.F.R. §326; in violation of Part 365 of the FDIC Rules and Regulations, 12 C.F.R. §365; in contravention of the Interagency Policy Statement on the Allowance for Loan and Lease Losses (ALLL), FIL-89-93; in contravention of the Joint Agency Policy Statement on Interest Rate Risk, 61 Fed. Reg. 33169 (1996), and in violation of §§ 287.280(1), 287.280 of the Kentucky Revised Statutes.

   IT IS FURTHER ORDERED that the Bank, its institution-affiliated parties, and its successors and assigns, take affirmative action as follows:

   [.1]1. (a) During the life of this ORDER, the Bank shall have management qualified to restore the Bank to a sound condition. Such management shall include a chief executive officer and an experienced senior lending officer responsible for supervising the Bank's overall lending function.

   (b) Present management shall be assessed on its ability to:

       (i) Comply with the requirements of this ORDER;

       (ii) Improve and thereafter maintain the Bank in a safe and sound condition, including asset quality, capital adequacy, liquidity adequacy, earnings adequacy and sensitivity to market risks; and

       (iii) Comply with all applicable State and Federal laws, regulations; and FDIC and Federal Financial Institutions Examination Council policy statements.

   (c) During the life of this ORDER, the Bank shall notify the Regional Director of the Memphis Regional Office ("Regional Director") and the Commissioner of Financial Institutions for the Commonwealth of Kentucky ("Commissioner") in writing of any resignations and/or terminations of any members of its board of directors and/or any of its senior executive officer(s) within 15 days of the event.

   (d) Bank shall comply with section 32 of the Act, 12 U.S.C. §1831i.

   (e) Within 30 days from the effective date of this ORDER, the board of directors shall establish a committee of the board of directors with the responsibility to ensure that the Bank complies with the provisions of this ORDER. At least two-thirds of the members of such committee shall be independent, outside directors as defined herein. The committee shall report monthly to the entire board of directors, and a copy of the report and any discussion relating to the report or the ORDER shall be included in the minutes of the board of directors. Nothing contained herein shall diminish the responsibility of the entire board of directors to ensure compliance with the provisions of this ORDER.

   (f) For the purpose of this ORDER, an "outside director" shall be an individual:

       (i) Who shall not be employed, in any capacity, by the Bank or its affiliates other than as a director of the Bank or an affiliate;

       (ii) Who shall not own or control more than five (5%) percent of the voting stock of the Bank or its holding company;

       (iii) Who shall not be indebted to the Bank or any of its affiliates in an amount greater than five (5%) percent of the Bank's equity capital and reserves;

       (iv) Who shall not be related to any directors, principal shareholders of the Bank or affiliates of the Bank; and
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       (v) Who shall be a resident of, or engage in business in, the Bank's trade area.

   [.2]2. (a) Within 60 days from the date of this ORDER, the board of directors shall review and make a written report ("Management Report") on the Bank's management needs. The Management Report shall incorporate an analysis of the Bank's management and staffing requirements and shall, at a minimum:

       (i) Identify both the number and type of positions needed to properly supervise the Bank's lending and other functions, giving appropriate consideration to the Bank's loan volume, customer base, and the number of problem credits;

       (ii) Provide a clear and concise description of the general duties and responsibilities for the Bank's officers and their support staff;

       (iii) Identify the skills, experience and pay required for each position;

       (iv) Provide an evaluation of the Bank's senior management and officials, indicating whether the Bank's officials possess the necessary lending, collection and other experience and qualifications required to adequately perform present and anticipated duties;

       (v) Establish a plan to recruit, hire, and/or replace personnel based on ability and experience;

       (vi) Establish a plan providing for periodic evaluation of each individual's job performance; and

       (vii) Provide for periodic review of the Bank's management and updating of lending policies and procedures.

   (b) Within 90 days of the effective date of this ORDER, the board of directors shall prepare a written plan of implementation ("Plan") addressing the findings of the Management Report. The Plan shall specify the actions to be taken by the board of directors and the time frames for each action.

   (c) A copy of the Management Report and Plan shall be submitted to the Regional Director and the Commissioner for review and comment. Within 30 days from receipt of any comment, and after consideration of such comment, the board of directors shall approve the Management Report and the Plan, which approval shall be recorded in the minutes of the meeting of the board of directors. It shall remain the responsibility of the board to fully implement the Plan within the specified time frames. In the event the Plan, or any portion thereof, is not implemented, the board shall immediately advise the Regional Director and the Commissioner, in writing, of specific reasons for deviating from the Plan.

   [.3]3. (a) Within ninety (90) days from the effective date of this ORDER, the Bank shall have Tier I capital equal to or greater than seven percent (7.0%) of the Bank's adjusted Part 325 total assets. Thereafter, during the life of this ORDER, the Bank shall maintain Tier I capital equal to or greater than seven percent (7.0%) percent of the Bank's adjusted Part 325 total assets.

   (b) Any increase in Tier I capital necessary to meet the ratio required by Paragraph 3(a) of this ORDER may be accomplished by the following:

       (i) The sale of new securities in the form of common stock; or

       (ii) The direct contribution of cash by the directors, shareholders, or parent Bank holding company of the Bank; or

       (iii) Any other method acceptable to the FDIC.

   (c) If all or part of the increase in Tier I capital required by Paragraph 3(a) of this ORDER is accomplished by the sale of new securities, the Bank's board of directors shall adopt and implement a plan for the sale of such additional securities, including the voting of any shares owned or proxies held or controlled by them in favor of the plan. Should the implementation of the plan involve a public distribution of the Bank's securities (including a distribution limited only to the Bank's existing shareholders), the Bank shall prepare offering materials fully describing the securities being offered, including an accurate description of the Bank's financial condition and the circumstances giving rise to the offering, and any other material disclosures necessary to comply with the Federal securities laws. Prior to the implementation of the plan and, in any event, not less than 20 days prior to the dissemination of such materials, the plan and any materials used in the sale of the securities shall be submitted to both the FDIC, Division of Supervision, Registration, Disclosure, & Securities Unit, 550 17th Street, N.W., Room F-6043, Washington, D.C. 20429, and the Kentucky Department of Financial Institutions, 1025 Capital Center Drive, Suite 200, Frankfort, KY 40601, for review. Any changes requested to be made in the plan or materials by the FDIC shall be made prior to
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   their dissemination. If the Regional Director allows any part of the increase in Tier I capital to be provided by the sale of noncumulative perpetual preferred stock, then all terms and conditions of the issue including, but not limited to, those terms and conditions relative to the interest rate and any convertibility factor, shall be presented to the Regional Director for prior approval.

   (d) In complying with the provisions of Paragraph 3 of this ORDER, the Bank shall provide, to any subscriber and/or purchaser 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 the Bank's securities. The written notice required by this Paragraph shall be furnished within 10 days from the date such material development or change was planned or occurred, whichever is earlier, and shall be furnished to every subscriber and/or purchaser of the Bank's securities who received or was tendered the information contained in the Bank's original offering materials.

   (e) For purposes of this ORDER, the terms "Tier I capital", and "Part 325 total assets" shall have the meanings ascribed to them in Part 325 of the FDIC's Rules and Regulations, respectively subsections 325.2(t), and 325.2(v), 12 C.F.R. §§ 325.2(t) and (v). The Capital Calculations schedule on page 48 of the Report of Examination provides the method for determining the ratio of Tier I capital to adjusted Part 325 total assets as required by this ORDER.

   (f) The Bank shall not lend funds directly or indirectly, whether secured or unsecured, to any purchaser of Bank stock or to any investor by any other means for any portion of any increase in Tier I capital required herein.

   [.4]4. (a) Within 30 days from the effective date of this ORDER, the Bank shall establish and thereafter maintain, through charges to current operating income, an adequate valuation reserve for loan and lease losses. In determining the adequacy of the valuation reserve for loan and lease losses, the board of directors of the Bank shall, at a minimum, consider the following:

       (i) The prevailing instructions contained in the Federal Financial Institutions Examination Council booklet entitled "Instructions-Consolidated Reports of Condition and Income";

       (ii) The volume and mix of the existing loan portfolio, including the volume and severity of nonperforming loans and adversely classified credits, as well as an analysis of net charge-offs experienced on previously adversely classified loans;

       (iii) The extent to which loan renewals and extensions are used to maintain loans on a current basis and the degree of risk associated with such loans;

       (iv) The trend in loan growth, including any rapid increase in loan volume within a relatively short time period;

       (v) The general and local economic conditions affecting the collectibility of the Bank's loans;

       (vi) The previous loan loss experience by loan type, including the trend of net charge-offs as a percent of average loans over the past several years;

       (vii) Off balance sheet credit risks;

       (viii) The overall risk associated with each concentration of credit, together with the degree of risk associated with each related individual borrower; and

       (ix) Any other factors appropriate in determining future valuation reserves.

   (b) Prior to the submission of any Report of Condition or Report of Income, the board of directors of the Bank shall review the adequacy of the Bank's valuation reserve for loan and lease losses and make such charges as are necessary to current operating income to provide an adequate loan valuation reserve. The minutes of the board meetings at which each review is undertaken shall indicate the results of the review, the amount of any increase to the reserve, and the basis for the amount of the valuation reserve. The criteria for the review shall be as set forth in Paragraph 4(a).

   (c) Notwithstanding the provisions of Paragraph 4(a) and 4(b) above, the Bank shall achieve, within 30 days of the effective date of this ORDER, a valuation reserve for loan and lease losses, after charge-off of loans classified "Loss" as required in Paragraph 6, below, of not less than $915,000, and shall thereafter maintain, through charges to current operating income, an adequate valuation reserve for loan and lease losses.

   (d) In the event that the Regional Director and/or the Commissioner determine, at subsequent examinations and/or visitations, that the Bank's valuation reserve for loan and
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   lease losses is inadequate, the Bank shall amend its Consolidated Reports of Condition and Income as appropriate.

   (e) The requirements of Paragraph 4(c), above, are not to be construed as a standard for future operations.

   [.5]5. (a) Within 60 days from the effective date of this ORDER, and within the first 30 days of each calendar year thereafter, the board of directors shall develop a written profit plan consisting of goals and strategies for improving the earnings of the Bank for each calendar year. The written profit plan shall include, at a minimum:

       (i) Identification of the major areas in, and means by, which the board of directors will seek to improve the Bank's operating performance;

       (ii) Realistic and comprehensive budgets;

       (iii) A budget review process to monitor the income and expenses of the Bank to compare actual figures with budgetary projections on not less than a quarterly basis; and

       (iv) A description of the operating assumptions that form the basis for, and adequately support, major projected income and expense components.

   (b) Within 90 days from the effective date of this ORDER, the Bank shall formulate and implement a long range planning process. At a minimum, the Bank shall formulate a written strategic plan which includes long range goals and objectives, steps for achieving these goals and objectives, competitive factors of new markets, and periodic monitoring of performance to allow for both the actual results and the making of necessary revisions.

   (c) Both the profit plan and the long term strategic plan, and any subsequent modification thereto, shall be in a form and manner acceptable to the Regional Director and the Commissioner as determined at subsequent examinations and/or visitations.

   [.6]6. (a) Within 10 days from the effective date of this ORDER, the Bank shall eliminate from its books, by charge-off or collection, all assets classified "Loss" as of March 31, 2001, that have not been previously collected or charged-off. Reduction of these assets through proceeds of other loans made by the Bank is not considered collection for the purpose of this Paragraph.

   (b) Within 60 days from the effective date of this ORDER, the Bank shall formulate and submit to the Regional Director and the Commissioner for review and approval, a written plan of action directed at lessening the Bank's risk position in each line of credit or other asset which was classified "Substandard" as of March 31, 2001, and which aggregated $100,000 or more. Such plan shall include, but not be limited to, the following:

       (i) Target dollar levels to which the Bank will reduce each line of credit or other asset within three months, six months, and twelve months from the effective date of this ORDER; and

       (ii) Provisions for the submission of monthly written progress reports under this Paragraph to the Bank's board of directors for review and recordation in the board minutes.

   (c) As used in Paragraph 6, the word "reduce" means (1) to collect, (2) to charge-off, or (3) to sufficiently improve the quality of assets adversely classified to warrant removing any adverse classification, as determined by the FDIC.

   [.7]7. (a) Beginning with 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 has a loan or other extension of credit with the Bank that has been charged-off or classified, in whole or in part "Loss" and is uncollected. The requirements of this Paragraph shall not prohibit the Bank from renewing (after collection in cash of interest due from the borrower) any credit already extended to any borrower.

   (b) Beginning with the effective date of this ORDER, the Bank shall not make any further extension of credit to any borrower thereof whose loans in the aggregate exceed $50,000 and are adversely classified "Substandard" as of March 31, 2001, unless such extension has been approved by a majority of the Bank's board of directors in advance and the Bank's board of directors has detailed in the written minutes of the meeting how it has affirmatively determined all of the following:

       (i) That the extension of credit is in full compliance with the Bank's loan policy;

       (ii) That it is necessary to protect the Bank's interest or that the extension of credit is adequately secured;

       (iii) That based upon credit analysis, the customer is deemed to be creditworthy; and
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       (iv) That all necessary loan documentation is on file, including current financial and cash flow information and satisfactory appraisal, title, and lien documents.

   The minutes shall also include the following information about the extension of credit:

       (i) The amount adversely classified as of March 31, 2001;

       (ii) The current balance;

       (iii) The amount of credit requested;

       (iv) A description of the collateral and its value securing the credit; and

       (v) A full description of the documentation presented to the board of directors, including the date of the borrower's most recent financial information and the borrower's current income or cash flow data.

   (c) This Paragraph shall not prohibit the Bank from extending funds, pursuant to a valid pre-existing loan commitment or unfunded letter of credit, to any borrower whose other loans are adversely classified as of March 31, 2001, provided all necessary loan documentation is on file for such borrower, including current financial and cash flow information and satisfactory appraisal, title and lien documents.

   (d) If any borrower, whose loans are adversely classified as of March 31, 2001, has a pre-existing loan commitment or unfunded letter of credit with the Bank, and such commitment or letter of credit expires, it shall not be renewed or extended unless the Bank complies with the provisions of Paragraph 7(a) or (b), respectively, as appropriate.

   (e) Beginning with the effective date of this ORDER, the Bank shall not renew any loan without the full collection of interest due. The issuance of separate notes to the borrowing customer or a third party, the proceeds of which pay interest due, shall not satisfy the requirements of this Paragraph unless these separate notes receive prior board approval in the same manner as outlined in Paragraph 7(b).

   [.8]8. (a) Within 30 days of the effective date of this ORDER, the board shall establish an internal loan review and grading system ("System") to periodically review the Bank's loan portfolio, and identify and categorize problem credits, assets, or letters of credit. At a minimum the System shall provide for:

       (i) The identification of the overall quality of the loan portfolio;

       (ii) The identification and amount of each delinquent asset;

       (iii) The identification or grouping of loans that warrant the special attention of management;

       (iv) For each loan identified, a statement of the amount, and an indication of the degree of risk that the loan will not be fully repaid according to its terms and the reason(s) why the particular loan merits special attention;

       (v) The identification of credit and collateral documentation exceptions;

       (vi) The identification and status of each violation of law, rule, or regulation;

       (vii) The identification of assets not in conformance with the Bank's policies, and exceptions to the Bank's lending policy;

       (viii) The identification of insider loan transactions; and

       (ix) The mechanism for reporting periodically, no less than quarterly, to the board of directors on the status of each asset identified and the action(s) taken by management.

   (b) A copy of the reports submitted to the board, as well as documentation of the action taken by the Bank to collect or strengthen assets identified as problem credits, shall be kept with the minutes of the board of directors.

   (c) Within 90 days from the effective date of this ORDER, the Bank's board of directors shall establish and appoint a loan committee to review and approve in advance all extensions of credit, and/or renewals that when aggregated with all other extensions of credit (including unfunded loan commitments and unfunded letters of credit) to the borrower, either directly or indirectly, exceed or would exceed $600,000. At least two-thirds of the members of the loan committee shall be outside directors. The review should include financial, income, and cash flow information, collateral values and lien information, repayment terms, past performance by the borrower, the purpose of the extension, and whether the extension complies with the Bank's loan policy and applicable laws, rules and regulations. The loan committee shall maintain written minutes, which detail the information reviewed by the loan committee, its conclusions, approvals,
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   denials, recommendations, and reasons for the approval of any credit which does not fully comply with the review requirements set forth in this Paragraph. At least monthly, the loan committee shall submit its written minutes to the board of directors.

   [.9]9. Within 20 days from the effective date of this ORDER, the Bank shall formulate and submit to the Regional Director and the Commissioner for review and approval, a written plan of action directed at lessening the Bank's risk position in each loan concentration as of March 31, 2001, to an amount less than 25 percent of the Bank's Tier I capital for each individual concentration. This plan shall also be directed at reducing the Bank's loans to borrowers who reside outside the Bank's defined trade area as of March 31, 2001, or whose loans are secured by collateral that is located outside the Bank's defined trade area as of March 31, 2001, to an aggregate amount of less than 200 percent of the Bank's Tier I capital. Such plan shall include, but not be limited to, the following:

       (a) Target dollar levels to which the Bank will reduce each concentration of credit within 180 days from the effective date of this ORDER; and

       (b) Provision for the submission of monthly written progress reports under this Paragraph to the Bank's board of directors for review and recordation in the board minutes.

   [.10]10. Within 90 days of the effective date of this ORDER, the Bank shall sufficiently reduce or otherwise improve assets subject to Special Mention as of March 31, 2001, to warrant removal from the Special Mention category.

   [.11]11. Within 60 days from the effective date of this ORDER, the Bank shall eliminate and/or correct all violations of law or regulation, as well as all contraventions of FDIC policy, which are set out on pages 26-28 of the Report of Examination of the Bank as of March 31, 2001. In addition, the Bank shall, henceforth, comply with all applicable laws and regulations.

   [.12]12. Within 60 days from the effective date of this ORDER, the Bank shall review and revise its written liquidity, funds management, and interest rate sensitivity policy ("liquidity policy"). The Bank should ensure that the policy includes acceptable ranges of ratios in the following areas: overall gap position, volatile liability dependence, total loans to total deposits, and temporary investments to volatile liabilities. The liquidity policy shall incorporate a funds management program, which designates acceptable levels for: non-core liabilities, including borrowings; lines of credit, including loan commitments and letters of credit, asset mix, including temporary funds and investments, long-term investment securities and classes of obligors, and loans to deposits; and rate-sensitive assets as a percent of rate-sensitive liabilities. The written liquidity, funds management, and interest rate sensitivity policy shall be in a form and manner acceptable to the Regional Director and the Commissioner as determined at subsequent examinations and/or visitations.

   [.13]13. The Bank shall not pay cash dividends in any amount except as follows:

       (a) That such declarations and payments are made in accordance with applicable State and Federal laws and regulations;

       (b) That after payment of such dividends, the ratio of Tier I capital to adjusted Part 325 total assets of the Bank will be not less than seven (7%) percent;

       (c) That after payment of such dividends, the Bank's net earnings remain positive for the current year;

       (d) That such declaration and payment of dividends shall be approved in advance by the board of directors of the Bank;

       (e) That such declaration and payment of dividends shall be approved in advance, in writing, by the Regional Director and the Commissioner.

   [.14]14. Following the effective date of this ORDER, the Bank shall send to the shareholders of its holding company, or otherwise furnish a description of this ORDER, (i) in conjunction with the Bank's next shareholder communication, and also (ii) in conjunction with its notice or proxy statement preceding the Bank's next shareholder meeting. The description shall fully describe the ORDER in all material respects. The description and any accompanying communication, statement, or notice shall be sent to both the FDIC, Division of Supervision, Registration, Disclosure, & Securities Unit, 550 17th Street, N.W., Room F-6043, Washington, D.C. 20429, and to the Kentucky Department of Financial Institutions, 1025 Capital Center Drive, Suite 200, Frankfort, KY 40601, for review at least 20 days prior to dissemination to shareholders. Any changes
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   requested to be made by the FDIC or the Kentucky Department of Financial Institutions shall be made prior to dissemination of the description, communication, notice, or statement.

   15. On the fifteenth day of the second month following the effective date of this ORDER, and on the fifteenth day of every third month thereafter, the Bank shall furnish written progress reports to the Regional Director and the Commissioner detailing the form and manner of any actions taken to secure compliance with this ORDER and the results thereof. Such reports may be discontinued when the corrections required by this ORDER have been accomplished and the Regional Director has released the Bank in writing from making further reports.

   16. This ORDER shall become effective 10 days from the date of its issuance.

   17. 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 and the Commissioner.

   Pursuant to delegated authority. Dated: November 29, 2001

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