{{5-31-02 p.C-2999}}
[¶10,715A] In the Matter of American Bank of Commerce, Grapevine, Texas, Docket
No. 93-22kk (2-5-93).
FDIC issues order conditionally granting approval for exemption of
liability.
[.1] Exemption from Liability—Conditional on Control of Bank—Time Frame
[.2] Exemption from Liability—Reasonable Losses
[.3] Exemption from Liability—Revocation for Non-Compliance
In the Matter of
AMERICAN BANK OF COMMERCE
GRAPEVINE, TEXAS
(Insured Depository Institution)
related to
AMERICAN BANK OF HALTOM CITY
HALTOM CITY, TEXAS
(Commonly Controlled Insured Depository Institution)
ORDER CONDITIONALLY GRANTING APPROVAL FOR EXEMPTION FROM LIABILITY
FDIC-93-22kk
WHEREAS, Ameritex Bancshares Corporation, Fort Worth, Texas
("Ameritex"), is a bank holding company whose subsidiary banks
included American Bank of Haltom City, Haltom City, Texas
("Haltom"), Riverbend Bank, National Association, Fort Worth,
Texas ("Riverbend"), and American Bank of Commerce, Grapevine,
Texas ("Grapevine"); and
WHEREAS, on or about February 5, 1993, the Banking Commissioner for the
State of Texas deemed Haltom to be insolvent and appointed the Federal
Deposit Insurance Corporation ("FDIC") as receiver of Haltom, and
thereafter Haltom was closed; and
WHEREAS, two individuals, James Doss and Billy Knight, have proposed to
purchase 100 percent of the capital stock of Grapevine from Ameritex
for a contract purchase price of $1,700,000, which amount will be paid
to Bonnet Resources, Inc., the collection agent of the FDIC for a loan
collateralized by the stock of Grapevine, with the proceeds to inure to
the benefit of the FDIC; and
WHEREAS, the proposed Doss and Knight acquisition is conditional upon
the FDIC exempting, pursuant to section 5(e)(5)(A) of the Federal
Deposit Insurance Act ("Act"), 12 U.S.C. §1815(e)(5)(A),
Grapevine from any losses incurred or reasonably anticipated to be
incurred by the FDIC from the default of or FDIC assistance to Haltom;
and
WHEREAS, Ameritex and Grapevine have requested that the FDIC grant to
Grapevine an appropriate exemption with respect to losses incurred or
reasonably anticipated to be incurred by the FDIC from the default of
or FDIC assistance to Haltom; and
WHEREAS, the Board of Directors ("Board") of the FDIC, having
fully considered the facts and information relating to the foregoing
request for exemption from losses, as well as the recommendation of the
Division of Supervision of the FDIC, has concluded that an exemption
regarding losses not only from the default of Haltom but also from any
future default of Riverbend would be in the best interest of the Bank
Insurance Fund, and that an appropriate exemption should be and hereby
is granted, subject to the conditions and restrictions set forth below.
IT IS THEREFORE ORDERED:
[.1]1. This ORDER CONDITIONALLY GRANTING APPROVAL FOR EXEMPTION FROM
LIABILITY ("ORDER") will become effective upon the acquisition of
control of Grapevine by Doss and Knight within ninety (90) days from
the date of issuance of this ORDER, and, absent such acquisition within
that time period, this ORDER will become null and void, unless, upon
the written request of Doss and Knight, Ameritex, or Grapevine, the
FDIC grants an extension of that time period.
2. IT IS FURTHER ORDERED, that the proceeds of the Doss and Knight
acquisition of Grapevine must inure to the benefit of the FDIC within a
reasonable time following consummation of such proposed acquisition.
[.2]3. IT IS FURTHER ORDERED, that the exemption granted by this ORDER will
apply to losses incurred or reasonably anticipated to be incurred from
the default of or FDIC assistance to Haltom.
4. IT IS FURTHER ORDERED, that the exemption granted by this ORDER will
also apply to losses incurred or reasonably anticipated to be incurred
from any default of or FDIC assistance to Riverbend, should such occur.
[.3]5. IT IS FURTHER ORDERED, that should the FDIC determine that
Grapevine, or any other insured depository institution affiliate of
Grapevine, has failed to comply fully with the aforesaid restrictions,
the FDIC shall have the right to revoke this exemption after giving
Grapevine written notice of said revocation and a reasonable
opportunity to be heard on the matter.
By direction of the Board of Directors.
Dated at Washington, D.C., this 5th day of February, 1993.
