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Uniti Bank

FEDERAL DEPOSIT INSURANCE CORPORATION

In Re: Uniti Bank
Buena Park, Orange County, California
Application for Federal Deposit Insurance (Bank Insurance Fund)

ORDER

The undersigned, acting on behalf of the Board of Directors pursuant to delegated authority, has fully considered all available facts and information relevant to the factors of Section 6 of the Federal Deposit Insurance Act and relating to the application for Federal deposit insurance, with membership in the Bank Insurance Fund, for Uniti Bank (Bank) a proposed new state nonmember bank to be located at 6301 Beach Boulevard, Suite 101, Buena Park, Orange County, California, and has concluded that the application should be approved.

Accordingly, it is hereby ORDERED, for the reasons set forth in the attached Statement, that the application submitted by the Bank for Federal deposit insurance be, and the same hereby is, approved subject to the following conditions:

1. That beginning paid-in capital funds will be not less than $6,040,000;

2. That the Tier 1 capital to assets leverage ratio will be maintained at not less than eight percent throughout the first three years of operation and that an adequate Allowance for Loan and Lease Losses will be provided;

3. That the Bank shall operate within the parameters of the business plan submitted to the FDIC. Furthermore, during the first three years of operations, the Bank shall notify the San Francisco Regional Director of any proposed major deviation or material change from the submitted plan, 60 days before the consummation of the change;

4. That prior to the effective date of the Federal deposit insurance, the Bank will employ a chief financial officer acceptable to the San Francisco Regional Director.

5. That any changes in proposed management or proposed ownership to the extent of 10 percent or more of stock, including new acquisitions of or subscriptions to 10 percent or more of stock shall be approved by the FDIC prior to the opening of the depository institution for business;

6. That Federal deposit insurance shall not become effective unless and until the applicant has been established as a state bank (not a member of the Federal Reserve System), that it has authority to conduct a banking business, and that its establishment and operation as a bank have been fully approved by the appropriate State authority;

7. That until the conditional commitment of the FDIC becomes effective, the FDIC retains the right to alter, suspend or withdraw its commitment should any interim development be deemed to warrant such action;

8. That the Bank will have adequate fidelity coverage;

9. That the Bank will obtain an audit of its financial statements by an independent public accountant annually for at least the first three years after deposit insurance is effective, furnish a copy of any reports by the independent auditor (including any management letters) to the appropriate FDIC Regional Director within 15 days after their receipt by the depository institution and notify the appropriate FDIC Regional Director within 15 days when a change in its independent auditor occurs;

10. That the Bank adopt an accrual accounting system for maintaining the books of the depository institution; and

11. That if Federal deposit insurance has not become effective within twelve months from the date of this ORDER, or unless, in the meantime, a request for an extension of time has been approved by the FDIC, the consent granted shall expire at the end of the said twelve-month period.

Dated at Washington, D.C. this 18th day of September, 2001.

By:________________________________
John M. Lane
Associate Director
Division of Supervision


FEDERAL DEPOSIT INSURANCE CORPORATION

In Re: Uniti Bank
Buena Park, Orange County, California
Application for Federal Deposit Insurance (Bank Insurance Fund)

STATEMENT

Pursuant to the provisions of Section 5 of the Federal Deposit Insurance Act (12 U.S.C. 1815), an application for Federal deposit insurance with membership in the Bank Insurance Fund has been filed on behalf of Uniti Bank (Bank), a proposed new state nonmember bank to be located at 6280 Beach Boulevard, Buena Park, Orange County, California.

The Bank will be widely owned by individuals in and around the Buena Park, California vicinity. The Bank plans to establish itself as a full-service bank designed to meet the financing and depository needs of residents and local-area businesses in the Buena Park community. In addition to serving the banking needs of the community, the Bank plans to pursue a marketing emphasis directed toward Korean-American business located in Orange County. The Bank intends to open an office in this Northern Orange County area, offering banking services through traditional delivery channels. The Bank's business plan states that it will offer a broad range of deposit products, and loan products that include commercial, installment, commercial real estate loans, and SBA-guaranteed loans.

Investment in fixed assets is reasonable, proposed capital is adequate, future earnings prospects and the ability to meet the convenience and needs of the community are favorable, and management is considered satisfactory. Corporate powers to be exercised are consistent with the purpose of the Federal Deposit Insurance Act. No formal objections to this proposal have been filed and no undue risk to the Bank Insurance Fund is apparent.

Accordingly, based upon a careful evaluation of all available facts and information, the Associate Director, pursuant to delegated authority, has concluded that approval of the application is warranted.

ASSOCIATE DIRECTOR
DIVISION OF SUPERVISION
FEDERAL DEPOSIT INSURANCE CORPORATION



Last Updated 03/24/2011 Legal@fdic.gov