(This matter was terminated by order of the FDIC dated 10-16-03; see ¶16,357.)
A cease and desist order was issued, based on findings by the FDIC that
it had reason to believe that respondent had engaged in unsafe and
unsound practices.
[.1] Management—Qualifications Specified
[.2] Management—Management Report Required
[.3] Capital—Maintain Tier 1 Capital
[.4] Loan Loss Reserve—Establishment of or Increase Required
[.5] Profit Plan—Preparation of Plan Required
[.6] Assets—Charge-off or Collection
[.7] Loans—Extensions of Credit—To Borrowers with Existing Adversely
Classified Credits
[.8] Loans—Internal Grading System Required
[.9] Loans—Risk Position—Written Plan Required
[.10] Loans—Special Mention
[.11] Violations of Law—Correction of Violations Required
[.12] Funds Management and Liquidity—Preparation or Revision of Funds
Management Policy Required
[.13] Dividends—Dividends Restricted
[.14] Shareholders—Disclosure of Cease and Desist Order Required
In the Matter of
FIRST SECURITY BANK OF OWENSBORO, INC.,
OWENSBORO, KENTUCKY
(Insured State Nonmember Bank)
ORDER TO CEASE AND DESIST
FDIC-01-154b
First Security Bank of Owensboro, Inc., Owensboro, Kentucky
(the "Bank"), having been advised of its right to a Notice of
Charges and of Hearing detailing the unsafe or unsound banking
practices and violations of law and/or regulations alleged to have been
committed by the Bank and of its right to a hearing on the alleged
charges under section 8(b)(1) of the Federal Deposit Insurance Act
("Act"), 12 U.S.C. §1818(b)(1), and having waived those
rights, entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF AN
ORDER TO CEASE AND DESIST ("CONSENT AGREEMENT") with counsel for
the Federal Deposit Insurance Corporation ("FDIC"), dated
November 29, 2001, whereby solely for the purpose of this proceeding
and without admitting or denying the alleged charges of unsafe or
unsound banking practices and violations of law and/or regulations, the
Bank consented to the issuance of an ORDER TO CEASE AND DESIST
("ORDER") by the FDIC.
The FDIC considered the matter and determined that it had reason to
believe that the Bank had engaged in unsafe or unsound banking
practices and had committed violations of law and/or regulations. The
FDIC, therefore, accepted the CONSENT AGREEMENT and issued the
following:
ORDER TO CEASE AND DESIST
IT IS HEREBY ORDERED that the Bank, its directors, officers,
employees, agents, and
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other institution-affiliated parties (as that
term is defined in Section 3(u) of the Act, 12 U.S.C. §1813(u)), and
its successors and assigns, cease and desist from the following unsafe
or unsound banking practices and violations:
(a) Engaging in hazardous lending and lax collection practices;
(b) Operating with inadequate capital in relation to the kind and
quality of assets held by the Bank;
(c) Operating with an inadequate loan valuation reserve;
(d) Operating with inadequate provisions for liquidity;
(e) Operating in such a manner as to produce operating losses;
(f) Operating with management whose policies and practices are
detrimental to the Bank and jeopardize the safety of its deposits;
(g) Operating with a board of directors which did not provide adequate
supervision over and direction to the active management; and
(h) Operating in violation of Part 323 of the FDIC Rules and
Regulations, 12 C.F.R. §323.3(b) and 4(a), 12 C.F.R. Part 323, in
violation of Part 326 of the FDIC Rules and Regulations, 12 C.F.R.
§326; in violation of Part 365 of the FDIC Rules and Regulations, 12
C.F.R. §365; in contravention of the Interagency Policy Statement on
the Allowance for Loan and Lease Losses (ALLL), FIL-89-93; in
contravention of the Joint Agency Policy Statement on Interest Rate
Risk, 61 Fed. Reg. 33169 (1996), and in violation of §§ 287.280(1),
287.280 of the Kentucky Revised Statutes.
IT IS FURTHER ORDERED that the Bank, its institution-affiliated
parties, and its successors and assigns, take affirmative action as
follows:
[.1]1. (a) During the life of this ORDER, the Bank shall have management
qualified to restore the Bank to a sound condition. Such management
shall include a chief executive officer and an experienced senior
lending officer responsible for supervising the Bank's overall lending
function.
(b) Present management shall be assessed on its ability to:
(i) Comply with the requirements of this ORDER;
(ii) Improve and thereafter maintain the Bank in a safe and sound
condition, including asset quality, capital adequacy, liquidity
adequacy, earnings adequacy and sensitivity to market risks; and
(iii) Comply with all applicable State and Federal laws, regulations;
and FDIC and Federal Financial Institutions Examination Council policy
statements.
(c) During the life of this ORDER, the Bank shall notify the
Regional Director of the Memphis Regional Office ("Regional
Director") and the Commissioner of Financial Institutions for the
Commonwealth of Kentucky ("Commissioner") in writing of any
resignations and/or terminations of any members of its board of
directors and/or any of its senior executive officer(s) within 15 days
of the event.
(d) Bank shall comply with section 32 of the Act, 12 U.S.C. §1831i.
(e) Within 30 days from the effective date of this ORDER, the board of
directors shall establish a committee of the board of directors with
the responsibility to ensure that the Bank complies with the provisions
of this ORDER. At least two-thirds of the members of such committee
shall be independent, outside directors as defined herein. The
committee shall report monthly to the entire board of directors, and a
copy of the report and any discussion relating to the report or the
ORDER shall be included in the minutes of the board of directors.
Nothing contained herein shall diminish the responsibility of the
entire board of directors to ensure compliance with the provisions of
this ORDER.
(f) For the purpose of this ORDER, an "outside director" shall be
an individual:
(i) Who shall not be employed, in any capacity, by the Bank or
its affiliates other than as a director of the Bank or an affiliate;
(ii) Who shall not own or control more than five (5%) percent of the
voting stock of the Bank or its holding company;
(iii) Who shall not be indebted to the Bank or any of its affiliates in
an amount greater than five (5%) percent of the Bank's equity capital
and reserves;
(iv) Who shall not be related to any directors, principal shareholders
of the Bank or affiliates of the Bank; and
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(v) Who shall be a resident of, or engage in business in, the Bank's
trade area.
[.2]2. (a) Within 60 days from the date of this ORDER, the board of
directors shall review and make a written report ("Management
Report") on the Bank's management needs. The Management Report
shall incorporate an analysis of the Bank's management and staffing
requirements and shall, at a minimum:
(i) Identify both the number and type of positions needed to
properly supervise the Bank's lending and other functions, giving
appropriate consideration to the Bank's loan volume, customer base,
and the number of problem credits;
(ii) Provide a clear and concise description of the general duties and
responsibilities for the Bank's officers and their support staff;
(iii) Identify the skills, experience and pay required for each
position;
(iv) Provide an evaluation of the Bank's senior management and
officials, indicating whether the Bank's officials possess the
necessary lending, collection and other experience and qualifications
required to adequately perform present and anticipated duties;
(v) Establish a plan to recruit, hire, and/or replace personnel based
on ability and experience;
(vi) Establish a plan providing for periodic evaluation of each
individual's job performance; and
(vii) Provide for periodic review of the Bank's management and
updating of lending policies and procedures.
(b) Within 90 days of the effective date of this ORDER, the board
of directors shall prepare a written plan of implementation
("Plan") addressing the findings of the Management Report. The
Plan shall specify the actions to be taken by the board of directors
and the time frames for each action.
(c) A copy of the Management Report and Plan shall be submitted
to the Regional Director and the Commissioner for review and comment.
Within 30 days from receipt of any comment, and after consideration of
such comment, the board of directors shall approve the Management
Report and the Plan, which approval shall be recorded in the minutes of
the meeting of the board of directors. It shall remain the
responsibility of the board to fully implement the Plan within the
specified time frames. In the event the Plan, or any portion thereof,
is not implemented, the board shall immediately advise the Regional
Director and the Commissioner, in writing, of specific reasons for
deviating from the Plan.
[.3]3. (a) Within ninety (90) days from the effective date of this ORDER,
the Bank shall have Tier I capital equal to or greater than seven
percent (7.0%) of the Bank's adjusted Part 325 total assets.
Thereafter, during the life of this ORDER, the Bank shall maintain Tier
I capital equal to or greater than seven percent (7.0%) percent of the
Bank's adjusted Part 325 total assets.
(b) Any increase in Tier I capital necessary to meet the ratio required
by Paragraph 3(a) of this ORDER may be accomplished by the following:
(i) The sale of new securities in the form of common stock; or
(ii) The direct contribution of cash by the directors, shareholders, or
parent Bank holding company of the Bank; or
(iii) Any other method acceptable to the FDIC.
(c) If all or part of the increase in Tier I capital required by
Paragraph 3(a) of this ORDER is accomplished by the sale of new
securities, the Bank's board of directors shall adopt and implement a
plan for the sale of such additional securities, including the voting
of any shares owned or proxies held or controlled by them in favor of
the plan. Should the implementation of the plan involve a public
distribution of the Bank's securities (including a distribution
limited only to the Bank's existing shareholders), the Bank shall
prepare offering materials fully describing the securities being
offered, including an accurate description of the Bank's financial
condition and the circumstances giving rise to the offering, and any
other material disclosures necessary to comply with the Federal
securities laws. Prior to the implementation of the plan and, in any
event, not less than 20 days prior to the dissemination of such
materials, the plan and any materials used in the sale of the
securities shall be submitted to both the FDIC, Division of
Supervision, Registration, Disclosure, & Securities Unit, 550 17th
Street, N.W., Room F-6043, Washington, D.C. 20429, and the Kentucky
Department of Financial Institutions, 1025 Capital Center Drive, Suite
200, Frankfort, KY 40601, for review. Any changes requested to be made
in the plan or materials by the FDIC shall be made prior to
{{1-31-02 p.C-5285}}
their dissemination. If the Regional Director allows any part of the increase
in Tier I capital to be provided by the sale of noncumulative perpetual
preferred stock, then all terms and conditions of the issue including,
but not limited to, those terms and conditions relative to the interest
rate and any convertibility factor, shall be presented to the Regional
Director for prior approval.
(d) In complying with the provisions of Paragraph 3 of this ORDER, the
Bank shall provide, to any subscriber and/or purchaser of the Bank's
securities, written notice of any planned or existing development or
other changes which are materially different from the information
reflected in any offering materials used in connection with the sale of
the Bank's securities. The written notice required by this Paragraph
shall be furnished within 10 days from the date such material
development or change was planned or occurred, whichever is earlier,
and shall be furnished to every subscriber and/or purchaser of the
Bank's securities who received or was tendered the information
contained in the Bank's original offering materials.
(e) For purposes of this ORDER, the terms "Tier I capital", and
"Part 325 total assets" shall have the meanings ascribed to them
in Part 325 of the FDIC's Rules and Regulations, respectively
subsections 325.2(t), and 325.2(v), 12 C.F.R. §§ 325.2(t) and (v).
The Capital Calculations schedule on page 48 of the Report of
Examination provides the method for determining the ratio of Tier I
capital to adjusted Part 325 total assets as required by this ORDER.
(f) The Bank shall not lend funds directly or indirectly, whether
secured or unsecured, to any purchaser of Bank stock or to any investor
by any other means for any portion of any increase in Tier I capital
required herein.
[.4]4. (a) Within 30 days from the effective date of this ORDER, the Bank
shall establish and thereafter maintain, through charges to current
operating income, an adequate valuation reserve for loan and lease
losses. In determining the adequacy of the valuation reserve for loan
and lease losses, the board of directors of the Bank shall, at a
minimum, consider the following:
(i) The prevailing instructions contained in the Federal
Financial Institutions Examination Council booklet entitled
"Instructions-Consolidated Reports of Condition and Income";
(ii) The volume and mix of the existing loan portfolio, including the
volume and severity of nonperforming loans and adversely classified
credits, as well as an analysis of net charge-offs experienced on
previously adversely classified loans;
(iii) The extent to which loan renewals and extensions are used to
maintain loans on a current basis and the degree of risk associated
with such loans;
(iv) The trend in loan growth, including any rapid increase in loan
volume within a relatively short time period;
(v) The general and local economic conditions affecting the
collectibility of the Bank's loans;
(vi) The previous loan loss experience by loan type, including the
trend of net charge-offs as a percent of average loans over the past
several years;
(vii) Off balance sheet credit risks;
(viii) The overall risk associated with each concentration of credit,
together with the degree of risk associated with each related
individual borrower; and
(ix) Any other factors appropriate in determining future valuation
reserves.
(b) Prior to the submission of any Report of Condition or Report
of Income, the board of directors of the Bank shall review the adequacy
of the Bank's valuation reserve for loan and lease losses and make
such charges as are necessary to current operating income to provide an
adequate loan valuation reserve. The minutes of the board meetings at
which each review is undertaken shall indicate the results of the
review, the amount of any increase to the reserve, and the basis for
the amount of the valuation reserve. The criteria for the review shall
be as set forth in Paragraph 4(a).
(c) Notwithstanding the provisions of Paragraph 4(a) and 4(b) above,
the Bank shall achieve, within 30 days of the effective date of this
ORDER, a valuation reserve for loan and lease losses, after charge-off
of loans classified "Loss" as required in Paragraph 6, below, of
not less than $915,000, and shall thereafter maintain, through charges
to current operating income, an adequate valuation reserve for loan and
lease losses.
(d) In the event that the Regional Director and/or the Commissioner
determine, at subsequent examinations and/or visitations, that the
Bank's valuation reserve for loan and
{{1-31-02 p.C-5286}}
lease losses is inadequate, the
Bank shall amend its Consolidated Reports of Condition and Income as
appropriate.
(e) The requirements of Paragraph 4(c), above, are not to be construed
as a standard for future operations.
[.5]5. (a) Within 60 days from the effective date of this ORDER, and within
the first 30 days of each calendar year thereafter, the board of
directors shall develop a written profit plan consisting of goals and
strategies for improving the earnings of the Bank for each calendar
year. The written profit plan shall include, at a minimum:
(i) Identification of the major areas in, and means by, which the
board of directors will seek to improve the Bank's operating
performance;
(ii) Realistic and comprehensive budgets;
(iii) A budget review process to monitor the income and expenses of the
Bank to compare actual figures with budgetary projections on not less
than a quarterly basis; and
(iv) A description of the operating assumptions that form the basis
for, and adequately support, major projected income and expense
components.
(b) Within 90 days from the effective date of this ORDER,
the Bank shall formulate and implement a long range planning process.
At a minimum, the Bank shall formulate a written strategic plan which
includes long range goals and objectives, steps for achieving these
goals and objectives, competitive factors of new markets, and periodic
monitoring of performance to allow for both the actual results and the
making of necessary revisions.
(c) Both the profit plan and the long term strategic plan, and any
subsequent modification thereto, shall be in a form and manner
acceptable to the Regional Director and the Commissioner as determined
at subsequent examinations and/or visitations.
[.6]6. (a) Within 10 days from the effective date of this ORDER, the Bank
shall eliminate from its books, by charge-off or collection, all assets
classified "Loss" as of March 31, 2001, that have not been
previously collected or charged-off. Reduction of these assets through
proceeds of other loans made by the Bank is not considered collection
for the purpose of this Paragraph.
(b) Within 60 days from the effective date of this ORDER, the Bank
shall formulate and submit to the Regional Director and the
Commissioner for review and approval, a written plan of action directed
at lessening the Bank's risk position in each line of credit or other
asset which was classified "Substandard" as of March 31, 2001,
and which aggregated $100,000 or more. Such plan shall include, but not
be limited to, the following:
(i) Target dollar levels to which the Bank will reduce each line
of credit or other asset within three months, six months, and twelve
months from the effective date of this ORDER; and
(ii) Provisions for the submission of monthly written progress reports
under this Paragraph to the Bank's board of directors for review and
recordation in the board minutes.
(c) As used in Paragraph 6, the word "reduce" means (1) to
collect, (2) to charge-off, or (3) to sufficiently improve the quality
of assets adversely classified to warrant removing any adverse
classification, as determined by the FDIC.
[.7]7. (a) Beginning with the effective date of this ORDER, the Bank shall
not extend, directly or indirectly, any additional credit to, or for
the benefit of, any borrower who has a loan or other extension of
credit with the Bank that has been charged-off or classified, in whole
or in part "Loss" and is uncollected. The requirements of this
Paragraph shall not prohibit the Bank from renewing (after collection
in cash of interest due from the borrower) any credit already extended
to any borrower.
(b) Beginning with the effective date of this ORDER, the Bank shall not
make any further extension of credit to any borrower thereof whose
loans in the aggregate exceed $50,000 and are adversely classified
"Substandard" as of March 31, 2001, unless such extension has
been approved by a majority of the Bank's board of directors in
advance and the Bank's board of directors has detailed in the written
minutes of the meeting how it has affirmatively determined all of the
following:
(i) That the extension of credit is in full compliance with the
Bank's loan policy;
(ii) That it is necessary to protect the Bank's interest or that the
extension of credit is adequately secured;
(iii) That based upon credit analysis, the customer is deemed to be
creditworthy; and
{{1-31-02 p.C-5287}}
(iv) That all necessary loan documentation is on file, including
current financial and cash flow information and satisfactory appraisal,
title, and lien documents.
The minutes shall also include the following information about
the extension of credit:
(i) The amount adversely classified as of March 31, 2001;
(ii) The current balance;
(iii) The amount of credit requested;
(iv) A description of the collateral and its value securing the credit;
and
(v) A full description of the documentation presented to the board of
directors, including the date of the borrower's most recent financial
information and the borrower's current income or cash flow data.
(c) This Paragraph shall not prohibit the Bank from extending
funds, pursuant to a valid pre-existing loan commitment or unfunded
letter of credit, to any borrower whose other loans are adversely
classified as of March 31, 2001, provided all necessary loan
documentation is on file for such borrower, including current financial
and cash flow information and satisfactory appraisal, title and lien
documents.
(d) If any borrower, whose loans are adversely classified as of March
31, 2001, has a pre-existing loan commitment or unfunded letter of
credit with the Bank, and such commitment or letter of credit expires,
it shall not be renewed or extended unless the Bank complies with the
provisions of Paragraph 7(a) or (b), respectively, as appropriate.
(e) Beginning with the effective date of this ORDER, the Bank shall not
renew any loan without the full collection of interest due. The
issuance of separate notes to the borrowing customer or a third party,
the proceeds of which pay interest due, shall not satisfy the
requirements of this Paragraph unless these separate notes receive
prior board approval in the same manner as outlined in Paragraph 7(b).
[.8]8. (a) Within 30 days of the effective date of this ORDER, the board
shall establish an internal loan review and grading system
("System") to periodically review the Bank's loan portfolio, and
identify and categorize problem credits, assets, or letters of credit.
At a minimum the System shall provide for:
(i) The identification of the overall quality of the loan
portfolio;
(ii) The identification and amount of each delinquent asset;
(iii) The identification or grouping of loans that warrant the special
attention of management;
(iv) For each loan identified, a statement of the amount, and an
indication of the degree of risk that the loan will not be fully repaid
according to its terms and the reason(s) why the particular loan merits
special attention;
(v) The identification of credit and collateral documentation
exceptions;
(vi) The identification and status of each violation of law, rule, or
regulation;
(vii) The identification of assets not in conformance with the Bank's
policies, and exceptions to the Bank's lending policy;
(viii) The identification of insider loan transactions; and
(ix) The mechanism for reporting periodically, no less than quarterly,
to the board of directors on the status of each asset identified and
the action(s) taken by management.
(b) A copy of the reports submitted to the board, as well as
documentation of the action taken by the Bank to collect or strengthen
assets identified as problem credits, shall be kept with the minutes of
the board of directors.
(c) Within 90 days from the effective date of this ORDER, the Bank's
board of directors shall establish and appoint a loan committee to
review and approve in advance all extensions of credit, and/or renewals
that when aggregated with all other extensions of credit (including
unfunded loan commitments and unfunded letters of credit) to the
borrower, either directly or indirectly, exceed or would exceed
$600,000. At least two-thirds of the members of the loan committee
shall be outside directors. The review should include financial,
income, and cash flow information, collateral values and lien
information, repayment terms, past performance by the borrower, the
purpose of the extension, and whether the extension complies with the
Bank's loan policy and applicable laws, rules and regulations. The
loan committee shall maintain written minutes, which detail the
information reviewed by the loan committee, its conclusions, approvals,
{{1-31-02 p.C-5288}}
denials, recommendations, and reasons for the approval of any credit
which does not fully comply with the review requirements set forth in
this Paragraph. At least monthly, the loan committee shall submit its
written minutes to the board of directors.
[.9]9. Within 20 days from the effective date of this ORDER, the Bank shall
formulate and submit to the Regional Director and the Commissioner for
review and approval, a written plan of action directed at lessening the
Bank's risk position in each loan concentration as of March 31, 2001,
to an amount less than 25 percent of the Bank's Tier I capital for
each individual concentration. This plan shall also be directed at
reducing the Bank's loans to borrowers who reside outside the Bank's
defined trade area as of March 31, 2001, or whose loans are secured by
collateral that is located outside the Bank's defined trade area as of
March 31, 2001, to an aggregate amount of less than 200 percent of the
Bank's Tier I capital. Such plan shall include, but not be limited to,
the following:
(a) Target dollar levels to which the Bank will reduce each
concentration of credit within 180 days from the effective date of this
ORDER; and
(b) Provision for the submission of monthly written progress reports
under this Paragraph to the Bank's board of directors for review and
recordation in the board minutes.
[.10]10. Within 90 days of the effective date of this ORDER, the Bank shall
sufficiently reduce or otherwise improve assets subject to Special
Mention as of March 31, 2001, to warrant removal from the Special
Mention category.
[.11]11. Within 60 days from the effective date of this ORDER, the Bank
shall eliminate and/or correct all violations of law or regulation, as
well as all contraventions of FDIC policy, which are set out on pages
26-28 of the Report of Examination of the Bank as of March 31, 2001. In
addition, the Bank shall, henceforth, comply with all applicable laws
and regulations.
[.12]12. Within 60 days from the effective date of this ORDER, the Bank
shall review and revise its written liquidity, funds management, and
interest rate sensitivity policy ("liquidity policy"). The Bank
should ensure that the policy includes acceptable ranges of ratios in
the following areas: overall gap position, volatile liability
dependence, total loans to total deposits, and temporary investments to
volatile liabilities. The liquidity policy shall incorporate a funds
management program, which designates acceptable levels for: non-core
liabilities, including borrowings; lines of credit, including loan
commitments and letters of credit, asset mix, including temporary funds
and investments, long-term investment securities and classes of
obligors, and loans to deposits; and rate-sensitive assets as a percent
of rate-sensitive liabilities. The written liquidity, funds management,
and interest rate sensitivity policy shall be in a form and manner
acceptable to the Regional Director and the Commissioner as determined
at subsequent examinations and/or visitations.
[.13]13. The Bank shall not pay cash dividends in any amount except as
follows:
(a) That such declarations and payments are made in accordance with
applicable State and Federal laws and regulations;
(b) That after payment of such dividends, the ratio of Tier I capital
to adjusted Part 325 total assets of the Bank will be not less than
seven (7%) percent;
(c) That after payment of such dividends, the Bank's net earnings
remain positive for the current year;
(d) That such declaration and payment of dividends shall be approved in
advance by the board of directors of the Bank;
(e) That such declaration and payment of dividends shall be approved in
advance, in writing, by the Regional Director and the Commissioner.
[.14]14. Following the effective date of this ORDER, the Bank shall send to
the shareholders of its holding company, or otherwise furnish a
description of this ORDER, (i) in conjunction with the Bank's next
shareholder communication, and also (ii) in conjunction with its notice
or proxy statement preceding the Bank's next shareholder meeting. The
description shall fully describe the ORDER in all material respects.
The description and any accompanying communication, statement, or
notice shall be sent to both the FDIC, Division of Supervision,
Registration, Disclosure, & Securities Unit, 550 17th Street, N.W.,
Room F-6043, Washington, D.C. 20429, and to the Kentucky Department of
Financial Institutions, 1025 Capital Center Drive, Suite 200,
Frankfort, KY 40601, for review at least 20 days prior to dissemination
to shareholders. Any changes
{{3-31-02 p.C-5289}}
requested to be made by the FDIC or the
Kentucky Department of Financial Institutions shall be made prior to
dissemination of the description, communication, notice, or statement.
15. On the fifteenth day of the second month following the effective
date of this ORDER, and on the fifteenth day of every third month
thereafter, the Bank shall furnish written progress reports to the
Regional Director and the Commissioner detailing the form and manner of
any actions taken to secure compliance with this ORDER and the results
thereof. Such reports may be discontinued when the corrections required
by this ORDER have been accomplished and the Regional Director has
released the Bank in writing from making further reports.
16. This ORDER shall become effective 10 days from the date of its
issuance.
17. The provisions of this ORDER shall remain effective and enforceable
except to the extent that, and until such time as, any provisions of
this ORDER shall have been modified, terminated, suspended, or set
aside by the FDIC and the Commissioner.
Pursuant to delegated authority.
Dated: November 29, 2001
