{{5-31-02 p.C-3378}}
[¶10,861A] In the Matter of The First National Bank in Stamford, Stamford, Texas,
Docket No. 93-175kk (8-17-93).
FDIC issues order conditionally granting approval for exemption of
liability.
[.1] Exemption from LiabilityConditional on Control of BankTime Frame
[.2] Exemption from LiabilityInjection of Capital Required
[.3] Exemption from LiabilityApplicability May Not be Conveyed or
Transferred
[.4] Exemption from LiabilityExpiration
[.5] Exemption from LiabilityReasonable Losses
[.6] Exemption from LiabilityCompliance with Federal Reserve Act
RestrictionsRequired
[.7] Exemption from LiabilityRevocation for Non-Compliance
In the Matter of
THE FIRST NATIONAL BANK IN STAMFORD
STAMFORD, TEXAS
and
FIRST STATE BANK, NATIONAL ASSOCIATION
ODESSA, TEXAS
and
FIRST STATE BANK, NATIONAL ASSOCIATION
ABILENE, TEXAS
(Insured Depository Institutions)
to be related to
THE WINTERS STATE BANK
WINTERS, TEXAS
(Insured Depository Institution)
ORDER CONDITIONALLY GRANTING APPROVAL FOR EXEMPTION FROM LIABILITY
FDIC-93-175kk
WHEREAS, Independence Bankshares, Inc., Abilene, Texas
("Independence"), a three-bank holding company which owns The
First National Bank in Stamford, Stamford, Texas ("Stamford"),
First State Bank, National Association, Odessa, Texas ("Odessa"),
and First State Bank, National Association, Abilene, Texas
("Abilene"), has proposed to acquire a 94.22 percent ownership
interest in The Winters State Bank, Winters, Texas ("Winters"),
and, upon consummation, to inject into Winters $450,000 of additional
capital; and
WHEREAS, the consummation of the proposed transaction is conditional
upon the Federal Deposit Insurance Corporation ("FDIC")
exempting, pursuant to section 5(e)(5)(A) of the Federal Deposit
Insurance Act ("Act"), 12 U.S.C. §1815(e)(5)(A), Stamford,
Odessa, and Abilene, from any liability for any losses incurred, or
reasonably anticipated to be incurred, by the FDIC in connection with
any default of or FDIC assistance to Winters, should such occur, for a
period of two years; and
WHEREAS, Independence has requested that the FDIC grant an appropriate
exemption from such liability with respect to Independence's proposed
acquisition of Winters for a period of two years;
BE ADVISED, that the Board of Directors of the FDIC, having fully
considered the facts and information relating to the foregoing request
for exemption from liability, has concluded that an exemption is in the
best interest of the Bank Insurance Fund, and that an exemption from
liability under section 5(e) of the Act, 12 U.S.C. §1815(e), 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 consummation
of the proposed acquisition described above. Absent such consummation,
within six months from the date of issuance of this ORDER, this ORDER
will become null and void, unless, upon the written request of
Independence, the FDIC, in its discretion, grants an extension of that
time period.
[.2]2. IT IS FURTHER ORDERED, that the exemption granted by this ORDER
shall be conditioned upon the injection by Independence of $450,000 of
additional capital into Winters.
[.3]3. IT IS FURTHER ORDERED, that the exemption granted by this ORDER may
not be conveyed or otherwise transferred.
[.4]4. IT IS FURTHER ORDERED, notwithstanding the foregoing, that this
exemption shall expire two years from the date Independence acquires
control of Winters.
[.5]5. IT IS FURTHER ORDERED, that the exemption granted by this ORDER will
apply only to such losses as may be incurred, or are reasonably
anticipated to be incurred by the FDIC in connection with any default
of, or FDIC assistance to, Winters, should such occur.
[.6]6. IT IS FURTHER ORDERED, that during the life of this ORDER, Winters,
Stamford, Odessa, Abilene, and any other insured depository institution
affiliate of Independence 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).
[.7]7. IT IS FURTHER ORDERED, that should the FDIC determine that the
parties to the proposed transaction, or any other insured depository
institution affiliate of such parties, have failed to comply fully with
the aforesaid conditions and restrictions, the FDIC shall have the
right to revoke this exemption after giving Independence written notice
of said revocation and a reasonable opportunity to be heard on the
matter. Notwithstanding the foregoing, there shall be no right to a
hearing regarding compliance with the condition contained in paragraph
2 above.
By direction of the Board of Directors.
Dated at Washington, D.C., this 17th day of August, 1993.