{{5-31-02 p.C-2906}}
[¶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-GuarantyWaiverConditional on Consulting Agreement and Stock
Option Agreement
[.2] Cross-GuarantyWaiverExpiration
[.3] Cross-GuarantyWaiverReasonable Losses
[.4] Cross-GuarantyWaiverCompliance with Federal Reserve Act
RestrictionsRequired
[.5] Cross-GuarantyWaiverRevocation 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.