Each depositor insured to at least $250,000 per insured bank



Home > Regulation & Examinations > Bank Examinations > FDIC Enforcement Decisions and Orders




FDIC Enforcement Decisions and Orders

ED&O Home | Search Form | Text Search | ED&O Help


{{10-31-93 p.TC-226}}
   [15,711] Docket No. FDIC-86-50b (8-10-93)

In the Matter of
FIRST SECURITY BANK AND
TRUST
COMPANY

OKLAHOMA CITY,OKLAHOMA
(Insured State Nonmember Bank)
SECOND
MODIFICATION OF ORDER
TO CEASE AND DESIST

   On March 19, 1986, the Federal Deposit Insurance Corporation ("FDIC") issued an ORDER TO CEASE AND DESIST ("ORDER") to First Security Bank and Trust Company, Oklahoma City, Oklahoma (the "Insured Institution"), a State nonmember bank, that became effective on March 29, 1986 and remains in full force and effect, except as subsequently modified. On September 11, 1987, the FDIC issued a MODIFICATION OF ORDER TO CEASE AND DESIST ("FIRST MODIFICATION") which remains in full force and effect. The Insured Institution, through its board of directors, entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF A {{10-31-93 p.TC-227}}SECOND MODIFICATION OF ORDER TO CEASE AND DESIST ("CONSENT AGREEMENT") with counsel for the FDIC dated August 10, 1993, whereby, solely for the purpose of this proceeding and without admitting or denying any charges of unsafe or unsound banking practices and/or unsafe or unsound condition, the Insured Institution consented to the issuance of a SECOND MODIFICATION OF ORDER TO CEASE AND DESIST ("SECOND MODIFICATION") by the FDIC. In consideration of the foregoing, the FDIC accepted the CONSENT AGREEMENT and issued the following:

SECOND MODIFICATION OF ORDER
TO CEASE AND DESIST

   1. Paragraphs 2(a) and 2(b) of the ORDER and paragraph 2(f) added by the FIRST MODIFICATION are hereby deleted from the same.
   2. The following paragraphs 2(a) and 2(b) are hereby substituted and incorporated into the ORDER as set forth as follows:

       2. a. The Insured Institution shall increase its Tier 1 capital by no less than $300,000 within 10 days of the effective date of the SECOND MODIFICATION. Such increase may be accomplished by:
         1) the sale of new securities in the form of common stock; or
         ii) the direct contribution of cash by the directors or shareholders or parent holding company of the Insured Institution; or
         iii) any other method acceptable to the FDIC.
   b. The Bank shall achieve and thereafter maintain the following Tier 1 capital ratios:
   3.60% by December 1993
   3.86% by December 1994
   4.32% by December 1995
   5.00% by December 1996
   3. The provisions of this SECOND MODIFICATION shall be binding upon the Insured Institution and all institution-affiliated parties of the Insured Institution.
   4. Except as specifically modified herein, all of the terms and conditions of the ORDER heretofore issued to the Insured Institution shall remain in full force and effect.
   5. The effective date of this SECOND MODIFICATION, and the provisions contained herein, shall be the date of issuance by the Regional Director, FDIC, Dallas Region.
   6. The provisions of this SECOND MODIFICATION shall remain effective and enforceable except to the extent that, and until such time as, any provision of this SECOND MODIFICATION shall have been modified, terminated, suspended, or set aside by the FDIC.
   Dated at Dallas, Texas this 10th day of August, 1993.
   Pursuant to delegated authority.

ED&O Home | Search Form | Text Search | ED&O Help

Last Updated 6/6/2003 legal@fdic.gov