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FDIC Enforcement Decisions and Orders

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{{4-1-90 p.TC-48}}
   [15,166] Docket No. FDIC-90-33b (9-21-90)

In the Matter of

SECURITY STATE BANK
FORT SCOTT, KANSAS
(Insured State Nonmember Bank)
MODIFICATION OF
ORDER TO CEASE
AND DESIST

FDIC-90-33b

   The ORDER TO CEASE AND DESIST ("ORDER") issued by the Federal Deposit Insurance Corporation ("FDIC") to Security State Bank, Fort Scott, Kansas ("Bank"), on March 16, 1990, is hereby modified as follows:
   Paragraph 1(a) of the ORDER is modified by deleting the words "Effective the date of this Order," by deleting "(i)" preceding the word "declare," and by deleting the words", or (ii) pay bonuses or increase in any manner whatsoever, salaries or other compensation, including, without limitation, directors fees, or (iii) pay management fees," so that paragraph 1(a), as modified, reads as follows:
   1. (a) The Bank shall not declare or pay any cash dividends until the Bank has increased by $700,000 its equity capital.
   The provisions of the ORDER continue to be, and this MODIFICATION OF ORDER TO CEASE AND DESIST ("MODIFICATION") is, binding upon the Bank, its Institution-Affiliated Parties, its successors and assigns, and other persons participating in the conduct of the affairs of the Bank.
   The provisions of the ORDER, as modified by this MODIFICATION, shall remain effective and enforceable except to the extent that, and until such time as, any provisions of the ORDER, as modified by this MODIFICATION, shall have been modified, terminated, suspended or set aside by the FDIC.
   Pursuant to delegated authority.
   Dated this 21st day of September, 1990.

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