[¶15,158] Docket No. FDIC-85-139b (8-31-90)
In the Matter of
LAS AMERICAS TRUST COMPANY
SAN JUAN PUERTO RICO
(Insured State Nonmember Bank)
MODIFICATION OF ORDER
TO CEASE AND DESIST
Paragraph 1(a) of the ORDER TO CEASE AND DESIST ("ORDER") issued against Las Americas Trust Company, San Juan, Puerto Rico ("Bank") on May 28, 1985, by Billy C. Mullican, Associate Director, Division of Bank Supervision, pursuant to delegated authority, is amended, and hereby reads as follows:
1. (a) Within 90 days from the effective date of this ORDER, the Bank shall increase its total equity capital and reserves by $1,000,000, less the amount of equity capital, if any, raised after October 31, 1984, and prior to the effective date of this ORDER. Thereafter, the Bank shall maintain its adjusted equity capital and reserves at not less than 8 percent of its adjusted total assets. Such increase may be accomplished by:
(i) the sale of new common stock; or
The provisions of this MODIFICATION OF ORDER TO CEASE AND DESIST shall be binding upon the Bank, its successors, assigns, directors, officers, employees, agents, and other institution-affiliated parties.
(ii) the direct contribution of cash by the shareholders and/or directors of the Bank; or
(iii) any combination of the above, or alternative means acceptable to the FDIC and the Secretary of the Treasury of the commonwealth of Puerto Rico ("Secretary").
Except as specifically modified herein, all of the terms and conditions of the ORDER heretofore issued against the Bank on May 28, 1985 and which became effective June 7, 1985 shall remain in full force and effect.
The provisions of this MODIFICATION OF ORDER TO CEASE AND DESIST shall remain effective and enforceable except to the extent that, and until such time as, any provisions of this MODIFICATION OF ORDER TO CEASE AND DESIST shall have been modified, terminated, suspended, or set aside by the FDIC.
Pursuant to delegated authority.
Date of Issuance: August 31, 1990