In the Matter of AMERICAN STATE BANK OF ERSKINE ERSKINE, MINNESOTA
(Insured State Nonmember Bank) MODIFICATION OF ORDER TO CEASE AND DESIST
Paragraph 2(f) is added and incorporated into the ORDER TO CEASE AND DESIST ("ORDER") issued by the Federal Deposit Insurance Corporation ("FDIC") to American State Bank of Erskine, Erskine, Minnesota ("Bank"), on May 16, 1989, and provides as follows:
2. * * *
(f) The requirements of paragraphs 2(a) through (g), inclusive above, shall be and hereby are suspended so long as the Regional Director is satisfied that the Bank is in substantial compliance with its capital plan, or any modification thereto, as approved by the Regional Director. Compliance with the capital plan will be monitored through the submission of quarterly progress reports and review of Reports of Condition and Reports of Examination. If the Bank fails to continue to meet the eligibility requirements for the agricultural loan loss amortization program or to comply with its capital plan or any condition of acceptance, the Bank's authorization for deferral of losses shall be revoked pursuant to section 324.8 of the FDIC's Rules and Regulations, 12 C.F.R. § 324.8. When such revocation becomes final, the requirements of paragraphs 2(a) through 2(g), inclusive, of the Order shall be immediately reinstated and effective.
The provisions of the ORDER continue to be, and this MODIFICATION OF ORDER TO CEASE AND DESIST ("MODIFICATION") is, binding upon the Bank, its institution-affiliated parties, successors, and assigns.
The provisions of the ORDER, as modified by this MODIFICATION, shall remain effective and enforceable except to the extent that, and until such time as, any provisions of the ORDER, as modified by this MODIFICATION, shall have been modified, terminated, suspended or set aside by the FDIC.
Pursuant to delegated authority.
Dated this 4th day of December, 1990.