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   [10,683A] In the Matter of Moultrie National Bank, Moultrie, Georgia, Docket No. 92-347kk (12-15-92).

   FDIC issues order conditionally granting approval for waiver for cross-guaranty.

   [.1] Cross-Guaranty—Waiver—Conditional on Consulting Agreement and Stock Option Agreement

   [.2] Cross-Guaranty—Waiver—Expiration

   [.3] Cross-Guaranty—Waiver—Reasonable Losses

   [.4] Cross-Guaranty—Waiver—Compliance with Federal Reserve Act Restrictions—Required

   [.5] Cross-Guaranty—Waiver—Revocation for Non-Compliance

In the Matter of
MOULTRIE NATIONAL BANK
MOULTRIE, GEORGIA
(Insured National Bank)
ORDER CONDITIONALLY GRANTING APPROVAL FOR WAIVER OF CROSS-GUARANTY

FDIC-92-347kk

   The Board of Directors ("Board") of the Federal Deposit Insurance Corporation ("FDIC"), having fully considered the facts and information relating to the request for exemption from assessment for any losses incurred or reasonably anticipated to be incurred by the FDIC with regard to any default of or FDIC assistance to Baker County Bank, Newton, Georgia ("Insured Institution"), filed pursuant to the provisions of section 5(e)(5)(A) of the Federal Insurance Act ("Act"), 12 U.S.C. §1815(e)(5)(A), by Moultrie National Bank, Moultrie, Georgia ("Applicant"), relating to any common control of the Application and the Insured Institution, which may be found to result from the Consulting Agreement to be executed by the Applicant and the Insured Institution and the Stock Option Agreement to be executed by the Insured Institution and the Applicant's holding company parent, has concluded that approval of the request should be granted, subject to the conditions and restrictions set forth below.

   IT IS THEREFORE ORDERED:

   [.1]1. This ORDER CONDITIONALLY GRANTING APPROVAL FOR WAIVER OF CROSS-GUARANTY ("ORDER") shall become effective upon execution of the proposed Consulting Agreement and Stock Option Agreement.

   [.2]2. Notwithstanding the foregoing, this exemption shall expire upon the earlier of: (i) the date on which the Applicant, or any affiliate of the Applicant, acquires ownership and control of 25 percent or more of any class of the voting securities of the Insured Institution; or (ii) the termination of the Consulting Agreement between the Applicant and the Insured Institution, unless the FDIC has approved a request for an extension of the waiver. The Applicant shall promptly notify the Regional Director (Supervision) of the FDIC's Atlanta Regional Office in writing upon the occurrence of an event which would trigger such expiration.

   [.3]3. The exemption granted by this ORDER will apply only to losses resulting from the default of, or FDIC assistance to, the Insured Institution.

   [.4]4. During the life of this ORDER, the Applicant and all insured depository institution affiliates of the Applicant shall comply fully with the restrictions of sections 23A and 23B of the Federal Reserve Act, 12 U.S.C. §§ 371c and 371c-1, without regard to section 23A(d)(1) of the Federal Reserve Act, 12 U.S.C. §371c(d)(1).

   [.5]5. Should the FDIC determine that the Insured Institution, the Applicant, or any insured depository institution affiliate controlled by the Applicant, fails to comply fully with the aforesaid restrictions, the FDIC shall have the right to revoke this exemption after giving the Applicant written notice of said revocation and a reasonable opportunity to be heard on the matter.

   6. Until the conditional approval herein granted becomes effective, the FDIC shall have the right to alter, suspend, or withdraw said approval should any interim development be deemed by the Board to warrant such action.

   By order of the Board of Directors.

   Dated at Washington, D.C., this 15th day of December, 1992.

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