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FDIC Enforcement Decisions and Orders

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   [11,911] In the Matter of International Finance Bank, Miami, Florida, Docket No. 02-018b (4-5-02).

(This order was terminated by order of the FDIC dated 10-28-03; see ¶16,359.)

   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] Capital—Maintain Tier 1 Capital

   [.3] Assets—Charge-off or Collection

   [.4] Assets—Adversely Classified Assets—Reduction Required

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

   [.6] Loan Review and Grading System—Establishment of Required

   [.7] Loan Policy—Preparation or Revision of Policy Required

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

   [.9] Budget Plan—Preparation Required

   [.10] Strategic Plan—Preparation of Required

   [.11] Asset/Liability Management—Preparation or Revision of Asset/Liability Management Policy Required

   [.12] Reports of Condition and Income—Amendment Required
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   [.13] Dividends—Dividends Restricted

   [.14] Information Systems—IS Plan—Minimum Requirements

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

In the Matter of
INTERNATIONAL FINANCE BANK
MIAMI, FLORIDA
(Insured State Nonmember Bank)
ORDER TO CEASE AND DESIST

FDIC-02-018b

   International Finance Bank ("Bank"), having been advised of its right to a Notice of Charges and of Hearing detailing the unsafe or unsound banking practices 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 March 27, 2002, whereby solely for the purpose of this proceeding and without admitting or denying any of the charges of unsafe or unsound banking practices, the Bank has consented to the issuance of an ORDER TO CEASE AND DESIST ("ORDER") by the FDIC. The FDIC has considered the matter and determined that it has reason to believe that the Bank had engaged in unsafe or unsound banking practices. 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 following unsafe and unsound banking practices as described in the FDIC's Report of Examination of the Bank as of June 30, 2001 ("Report"), and the FDIC's Information System Report of the Bank as of October 15, 2001 ("IS Report"):

       (a) failing to provide adequate supervision and direction over the officers of the Bank to prevent unsafe and unsound practices;

       (b) operating with inadequate management;

       (c) operating with inadequate equity capital and reserves in relation to the volume and quality of assets held by the Bank;

       (d) operating with a large volume of poor quality loans;

       (e) operating with an inadequate allowance for loan and lease losses;

       (f) following hazardous lending and lax collection practice;

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

       (h) operating without adequate liquidity, in light of the Bank's asset and liability mix;

       (i) failing to keep accurate books and records;

       (j) failing to maintain adequate documentation in loan files; and

       (k) operating the Bank with inadequate information systems and management reporting systems, as described in the FDIC's IS Report.

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

   [.1]1. MANAGEMENT

   Within 60 days of the effective date of this ORDER, the Bank shall have and retain qualified management.

   (a) Each member of management shall have qualifications and experience commensurate with his or her duties and responsibilities at the Bank. Each member of management shall be provided appropriate written authority from the Bank's board of directors ("Board") to implement the provisions of this ORDER. At a minimum, management shall include the following:

       (i) a chief executive officer with proven ability in managing a bank of comparable size and in effectively implementing lending, investment and operating policies in accordance with sound banking practices;

       (ii) a senior lending officer with a significant amount of appropriate lending, collection, and loan supervision experience,
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       and experience in upgrading a low quality loan portfolio; and

       (iii) a chief operating officer with a significant amount of appropriate experience in managing the operations of a bank of similar size and complexity in accordance with sound banking practices.

   (b) The qualifications of management shall be assessed on its ability to:

       (i) comply with the 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 but not limited to, asset quality, capital adequacy, earnings, management effectiveness, and liquidity.

   (c) During the life of this ORDER, the Bank shall notify the Regional Director of the FDIC's Atlanta Regional Office ("Regional Director") and the Comptroller, Florida Department of Banking and Finance ("Comptroller") (collectively, "Supervisory Authorities") in writing when it proposes to add any individual to the Bank's Board or employ any individual as a senior executive officer. The notification must be received at least 30 days before such addition or employment is intended to become effective and should include a description of the background and experience of the individual or individuals to be added or employed.

   (d) The Bank may not add any individual to its Board or employ any individual as a senior executive officer unless the Regional Director does not issue a notice of disapproval of such individual pursuant to §32 of the Act, 12 U.S.C. §1831i, or the Comptroller does not issue a notice of disapproval of such individual pursuant to Fla. Stat. Ch. XXXVIII, Section 655.0385.

   (e) To facilitate having and retaining qualified management, the Board shall in no more than 60 days from the effective date of this ORDER develop and approve a written analysis and assessment of the Bank's management and staffing needs ("Management Plan"), which shall include, at a minimum the following:

       (i) identification of both the type and number of officer positions needed to manage and supervise properly the affairs of the Bank;

       (ii) identification and establishment of such Bank committees as are needed to provide guidance and oversight to active management;

       (iii) evaluations of each Bank officer, and in particular the chief executive officer, senior lending officer, and chief operating officer, to determine whether these individuals possess the ability, experience and other qualifications required to perform present and anticipated duties, including adherence to the Bank's established policies and practices, and maintenance of the Bank in a safe and sound condition;

       (iv) a plan of action to recruit and hire any additional or replacement personnel with the requisite ability, experience and other qualifications the Board determines are necessary to fill Bank officer or staff member positions consistent with the Management Plan as provided in this Paragraph and other parts of this ORDER; and

       (v) an organizational chart.

   (f) The written Management Plan shall also include the requirement that the Board, or a committee thereof consisting of not less than a majority of the individuals who are independent with respect to the Bank, provide supervision over lending, investment and operating policies of the Bank sufficient to ensure that the Bank complies with the provisions of this ORDER.

   (g) At the next meeting of the shareholders of the Bank, and at each succeeding meeting of the shareholders at which Bank directors are to be elected, the members of the Board shall nominate and support the election of candidates to the Board who are independent with respect to the Bank, in such number as are necessary to cause a majority of the Board to be and to remain independent with respect to the Bank.

   (h) For purposes of this ORDER, an individual who is "independent with respect to the Bank" shall be any individual who is not an officer of the Bank or officer or director of any of its affiliated organizations and who does not own more than 5 percent of the outstanding shares of the Bank.

   (i) The Management Plan and any subsequent modification thereto shall be submitted to the Regional Director and the Comptroller for review and comment. No more than 30 days from the receipt of any comment from the Regional Director, or the Comptroller, and after consideration of such
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   comment, the Board shall approve the Management Plan and/or any subsequent modification thereto, which approval shall be recorded in the minutes of the Board.

   Thereafter, the Bank and its institution-affiliated parties shall implement and follow the Management Plan and/or any subsequent modification.

   [.2]2. CAPITAL

   (a) During the life of this ORDER, the Bank shall maintain Tier 1 capital in such amount as to equal or exceed seven percent (7%) of the Bank's total assets.

   (b) During the life of this ORDER, the Bank shall maintain Tier 1 risk based capital ratio of not less than 10 percent. The Tier 1 capital and the Tier 1 risk based capital ratios shall be calculated each calendar quarter utilizing the definitions contained in 12 C.F.R. Section 325.2.

   (c) The level of Tier 1 capital to be maintained during the life of this ORDER pursuant to Paragraph 2(a) shall be in addition to a fully funded allowance for loan and lease losses, the adequacy of which shall be satisfactory to the Supervisory Authorities as determined at subsequent examinations and/or visitations.

   (d) Any future increase in Tier 1 capital necessary to meet the requirements of Paragraph 2(a) of this ORDER may be accomplished by the following:

       (i) sale of common stock; or

       (ii) sale of noncumulative perpetual preferred stock; or

       (iii) direct contribution of cash by the Board, shareholders, and/or parent holding company; or

       (iv) any other means acceptable to the Supervisory Authorities; or

       (v) any combination of the above means.

   Any increase in Tier 1 capital necessary to meet the requirements of Paragraph 2 of this ORDER may not be accomplished through a deduction from the Bank's allowance for loan and lease losses.

   (e) If all or part of the increase in Tier 1 capital required by Paragraph 2 of this ORDER is accomplished by the sale of new securities, the Board shall forthwith take all necessary steps to 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 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 the implementation of the plan and, in any event, not less than fifteen (15) days prior to the dissemination of such materials, the plan and any materials used in the sale of the securities shall be submitted to the FDIC, Registration and Disclosure Section, Washington, D.C. 20429, for review. Any changes requested to be made in the plan or materials by the FDIC shall be made prior to their dissemination. If the increase in Tier 1 capital is 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 interest rate and convertibility factor, shall be presented to the Regional Director and the Comptroller for prior approval.

   (f) In complying with the provisions of Paragraph 2 of this ORDER, the Bank shall provide to any subscriber and/or purchaser of the Bank's securities, a 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's securities. The written notice required by this paragraph shall be furnished within ten (10) days from the date such material development or change occurred, whichever is earlier, and shall be furnished to every subscribed and/or purchaser of the Bank's securities who received or was tendered the information contained in the Bank's original offering materials.

   (g) For the purposes of this ORDER, the terms "Tier 1 capital" and "total assets" shall have the meanings ascribed to them in Part 325 of the FDIC Rules and Regulations, 12 C.F.R. §§ 325.2(t) and 325.2(v).

   [.3]3. CHARGE-OFF

   Within 10 days from the effective date of this ORDER, the Bank shall eliminate from its books, by charge-off or collection, all assets
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   or portions of assets classified "Loss" and 50 percent (50%) of those assets classified "Doubtful" in the Report that have not been previously collected or charged-off. (If an asset classified "Doubtful" is a loan or lease, the Bank may, in the alternative, increase its allowance for loan and lease losses by an amount equal to 50 percent (50%) of the loan or lease classified "Doubtful".) Elimination of any of these assets through proceeds of other loans made by the Bank is not considered collection for purposes of this Paragraph.

   [.4]4. REDUCTION OF CLASSIFIED ASSETS

   (a) Within 30 days of the effective date of this ORDER, the Bank shall have reduced the assets classified "Substandard" and those assets classified "Doubtful" in the Report that have not previously been charged off to not more than $10,000,000.

   (b) Within 180 days of the effective date of this ORDER, the Bank shall have reduced the assets classified "Substandard" and those assets classified "Doubtful" in the Report that have not previously been charged off to not more than $6,500,000.

   (c) The requirements of Subparagraphs 4(a) and 4(b) of this ORDER are not to be construed as standards for future operations and, in addition to the foregoing, the Bank shall eventually reduce the total of all adversely classified assets. Reduction of these assets through proceeds of other loans made by the Bank is not considered collection for the purpose of this Paragraph. As used in Subparagraphs 4(a) and 4(b) the word "reduce" means:

       (i) to collect;

       (ii) to charge-off; or

       (iii) to sufficiently improve the quality of assets adversely classified to warrant removing any adverse classification, as determined by the Supervisory Authorities.

   [.5]5. ADDITIONAL CREDIT

   (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 from the Bank that has been charged off or classified, in whole or in part, "Loss" or "Doubtful" 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) Additionally, during the life 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 from the Bank that has been classified, in whole or part, "Substandard" and is uncollected.

   (c) Paragraph 5(b) shall not apply if the Bank's failure to extend further credit to a particular borrower would be detrimental to the best interests of the Bank. Prior to the extending of any additional credit pursuant to this Paragraph, either in the form of a renewal, extension, or further advance of funds, such additional credit shall be approved by a majority of the Board, or a designated committee thereof, who shall certify, in writing:

       (i) why the failure of the Bank to extend such credit would be detrimental to the best interests of the Bank;

       (ii) that the Bank's position would be improved thereby; and

       (iii) how the Bank's position would be improved.

   The signed certification shall be made a part of the minutes of the Board or designated committee and a copy of the signed certification shall be retained in the borrower's credit file.

   [.6]6. INTERNAL LOAN REVIEW

   (a) Within 90 days from the effective date of this ORDER, the Bank shall adopt an effective internal loan review and grading system to provide for the periodic review of the Bank's loan portfolio in order to identify and categorize the Bank's loans, and other extensions of credit that are carried on the Bank's books as loans, on the basis of credit quality. Such system and its implementation shall be satisfactory to the Supervisory Authorities as determined at their initial review and at subsequent examinations and/or visitations. At a minimum, the grading system shall provide for the following:

       (i) specification of standards and criteria for assessing the credit quality of the Bank's loans;

       (ii) application of loan grading standards and criteria to the Bank's loan portfolio;

       (iii) categorization of the Bank's loans into groupings based on the varying degrees of credit and other risks which may be presented under the applicable grading
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       standards and criteria, but in no case, will a loan be assigned a rating higher than that assigned by examiners at the last examination of the Bank;

       (iv) assessment of the likelihood that each loan exhibiting credit and other risks will not be repaid according to its terms and conditions;

       (v) identification of any loan that is not in conformance with the Bank's loan policy;

       (vi) identification of any loan which presents any unsafe or unsound banking practice or condition or is otherwise in violation of any applicable State or Federal law, regulation, or statement of policy;

       (vii) requirement of a written report to be made to the Board and Audit Committee, not less than quarterly after the effective date of this ORDER. The report shall identify the status of those loans that exhibit credit and other risks under the applicable grading standards/criteria and the prospects for full collection and/or strengthening of the quality of any such loans; and

       (viii) specific policies governing bank charge-offs of loans and underlying collateral taken to repay loans.

   [.7]7. LENDING AND COLLECTION POLICIES

   (a) Within 90 days from the effective date of this ORDER, the Bank shall revise, adopt, and implement a written lending and collection policy to provide effective guidance and control over the Bank's lending function, which policy shall include, at a minimum, revisions to address all items of criticism enumerated on pages 28 through 31 and pages 72 through 75 of the Report. In addition, the Bank shall obtain adequate and current documentation for all loans in the Bank's loan portfolio. Such policy and its implementation shall be in a form and manner acceptable to the Supervisory Authorities as determined at subsequent examinations and/or visitations.

   (b) Within 60 days of the effective date of this ORDER, the Bank shall review, revise and submit to the Board for its approval country risk management policies addressing, at a minimum:

       (i) establishment, adherence and enforcement of prudent country risk limits based on economic conditions and other factors in these countries;

       (ii) an allowance for loan and lease losses ("Allowance") allocation for exposures to countries exhibiting weak economic conditions;

       (iii) establishment of sublimits within each country, where appropriate, with provision for review of those sublimits on an annual basis;

       (iv) procedures addressing scenario analysis or stress test to identify potential risks. Stress testing should include an assessment of possible changes in important underlying assumptions about the level or risk associated with any country where the Bank has a concentration of exposure;

       (v) establishment of formal contingency plans and clear exit strategies for dealing with country risk problems; and

       (vi) procedures to ensure country risk management in terms of earnings and capital at risk.

   (c) Following the Board's approval of the policies adopted pursuant to Paragraph 7(b), such policy and its implementation shall be in a form and manner acceptable to the Supervisory Authorities as determined at subsequent examinations and/or visitations.

   [.8]8. ALLOWANCE FOR LOAN AND LEASE LOSSES

   Within 30 days from the effective date of this ORDER, the Board shall review the adequacy of the allowance for loan and lease losses ("Allowance") and, within 90 days from such effective date, the Board shall establish a comprehensive policy for determining the adequacy of the Allowance. For the purpose of this determination, the adequacy of the Allowance shall be determined after the charge-off of all loans or other items classified "Loss." The policy shall provide for a review of the Allowance at least once each calendar quarter. Said review should be completed at least ten (10) days prior to the end of each quarter, in order that the findings of the Board with respect to the Allowance may be properly reported in the quarterly Report of Condition and Income. The review should focus on the results of the Bank's internal loan review, loan and lease loss experience, trends of delinquent and non-accrual loans, an estimate of potential loss exposure of significant credits, concentrations of credit, and present and prospective economic conditions. A deficiency in the Allowance shall be remedied in the calendar quarter it is discovered, prior to submitting the Report of Condition
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   and Income, by a charge to current operating earnings. The minutes of the Board meeting at which such review is undertaken shall indicate the results of the review. The Bank's policy for determining the adequacy of the Allowance and its implementation shall be satisfactory to the Supervisory Authorities as determined at subsequent examinations and/or visitations.

   [.9]9. BUDGET

   (a) Within 90 days of the effective date of this ORDER, the Bank shall formulate and fully implement a written plan and a comprehensive budget for all categories of income and expense. In reviewing its expenses, the Bank shall review the compensation, direct and indirect, to all senior executive officers of the Bank. Such expenses should be revised to meet industry standards for banks of similar size. The plan and budget required by this Paragraph shall include formal goals and strategies, consistent with sound banking practices and taking into account the Bank's other written policies, to improve the Bank's net interest margin, increase interest income, reduce discretionary expenses, improve and sustain earnings of the Bank. The plan shall include a description of the operating assumptions that form the basis for, and adequately support, major projected income and expense components. Thereafter, the Bank shall formulate such a plan and budget by November 30 of each subsequent year.

   (b) The review of the senior executive officers' compensation should incorporate written justification for any significant deviation from the compensation for similarly situated senior executive officers in banks in the Bank's market area. Such written justification shall remain in the Bank's books and records and be available to the Supervisory Authorities for review at subsequent examinations and/or visitations.

   (c) The plan and budget required by Paragraph 9(a) of this ORDER shall be acceptable to the Supervisory Authorities as determined at subsequent examinations and/or visitations.

   (d) Following the end of each calendar quarter, the Board shall evaluate the Bank's actual performance in relation to the plan and budget required by Paragraph 9(a) of this ORDER and shall record the results of the evaluation, and any actions taken by the Bank, in the minutes of the Board meeting at which such evaluation is undertaken.

   [.10]10. STRATEGIC PLAN

   Within 90 days of the effective date of this ORDER, the Bank shall prepare and submit to the Supervisory Authorities its written business/strategic plan covering the overall operation of the Bank. At a minimum, the plan shall cover three years and provide specific objectives for asset growth, market focus, earnings projections, capital needs, and liquidity positions. The plan shall be in a form and manner acceptable to the Supervisory Authorities as determined at subsequent examinations and/or visitations.

   [.11]11. ASSET AND LIABILITY MANAGEMENT

   Within 90 days of the effective date of this ORDER, the Board shall develop or revise, adopt, and implement an asset/liability management policy. At a minimum, this policy shall address all items of criticism enumerated on pages 34 and 35 of the Report. Such policy and its implementation shall be in a form and manner acceptable to the Supervisory Authorities as determined at subsequent examinations and/or visitations.

   [.12]12. CALL REPORTS

   Within 10 days after eliminating from its books any asset in compliance with Paragraph 3 of this ORDER, the Bank shall file with the FDIC amended Consolidated Reports of Condition and Income which shall accurately reflect the financial condition of the Bank as of June 30, 2001, and September 30, 2001. Thereafter, during the life of this ORDER, the Bank shall file with the FDIC Consolidated Reports of Condition and Income which accurately reflect the financial condition of the Bank as of the end of the period for which the Reports are filed, including any adjustment in the Bank's books and records made necessary or appropriate as a consequence of any Comptroller or FDIC examination of the Bank during that reporting period.

   [.13]13. CASH DIVIDENDS

   The Bank shall not pay cash dividends without the prior written consent of the Supervisory Authorities.

   [.14]14. INFORMATION SYSTEMS AND ACCURACY OF RECORDS

   (a) Within 90 days of the effective date of this ORDER, the Bank shall develop and adopt a comprehensive Information Systems Plan ("IS Plan") for the safe and sound operation
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   of the Bank's information systems equipment, software, operating procedures, and facilities, and the production of accurate Bank records, which policy shall include modifications consistent with FDIC's IS Report.

   (b) Within 90 days of the effective date of this ORDER, the IS Plan shall be submitted to the Supervisory Authorities for review and comment. Within 30 days from receipt by the Bank of the written responses of the Supervisory Authorities to the IS Plan, and after consideration by the Bank's Board of the comments from the Supervisory Authorities, if any, the Bank's Board shall adopt, and the Bank's officers shall implement such IS Plan. Thereafter, during the life of the Order, the Bank's Board shall verify that the Bank's Information Systems processing is conducted in accordance with such IS Plan.

   (c) At a minimum, such IS Plan shall provide for:

       (i) the acquisition and operation by the Bank of hardware and software systems that are appropriate for the safe and sound conduct of the Bank's business;

       (ii) development and implementation of an appropriate, ongoing internal and external audit of the operations of the Bank's information systems;

       (iii) immediate acquisition and permanent retention of access to an IS backup facility that is operationally compatible with the Bank's hardware, software, and data files;

       (iv) appropriate segregation of duties and review of users' access to the system among the Bank employees;

       (v) storage of backup copies of operating systems, application programs, and data files in a secure, fire-resistant environment at a remote site;

       (vi) reconciliation of all major application to the general ledger on a daily basis and continuous review of the accuracy of loan origination dates and amounts, payment status, and maturities;

       (vii) development and implementation of a comprehensive written IS policy that addresses Board oversight of the area, documented vendor oversight reviews, adequate physical protection of the network server, a disaster recovery plan and emergency procedures, and periodic monitoring of security infringements;

       (viii) prompt review by the Bank's Board of all audit and regulatory report exceptions regarding the Bank's Information Systems and written recordation of prompt corrective responses of the Bank's Board to such exceptions; and

       (ix) periodic review by the Bank's Board of the Bank's IS Plan, its implementation, and the implementation of IS Plan by the Bank's Board.

15. PROGRESS REPORTS

   Within 30 days of the end of the first quarter following the effective date of this ORDER, and within 30 days of the end of each quarter thereafter, the Bank shall furnish written progress reports to the Supervisory Authorities detailing the form and manner of any actions taken to secure compliance with this ORDER and the results thereof. Such reports shall include a copy of the Bank's Reports of Condition and the Income. Such reports may be discontinued when the corrections required by this ORDER have been accomplished and the Supervisory Authorities have released the Bank in writing from making further reports.

   [.15]16. DISCLOSURE

   Following the effective date of this ORDER, the Bank shall send to its shareholders or otherwise furnish a description of this ORDER in conjunction with the Bank's next shareholder communication and also 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 the FDIC, Registration and Disclosure Section, Washington, D.C. 20429, at least fifteen (15) 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.

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

   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 in writing by the FDIC.

   Pursuant to delegated authority.

   Dated this 5th day of April, 2002.

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