In the Matter of SKANEATELES SAVINGS BANK SKANEATELES, NEW YORK
(Insured State Nonmember Bank) MODIFICATION OF ORDER TO CEASE AND DESIST
Paragraph 14 of the ORDER TO CEASE AND DESIST ("ORDER") issued against Skaneateles Savings Bank, Skaneateles, New York ("Bank") on November 8, 1991, by the Regional Director of the New York Regional Office of the Federal Deposit Insurance Corporation ("FDIC") ("Regional Director"), pursuant to delegated authority, is amended, and hereby reads as follows:
14. Immediately upon the effective date of this ORDER, unless specifically provided otherwise in a written communication from the Regional Director and subject to such conditions and limitations as are set forth therein, the Bank shall: (a) rescind all agreements or portions of agreements with present and former executive officers of the Bank which constitute "golden parachute payments" as defined in section 18(k)(4) of the Act, 12 U.S.C. § 1828(k)(4); (b) immediately cease making any payments pursuant thereto; and (c) forthwith take whatever legal steps are necessary to obtain reimbursement from all former executive officers of the Bank for any such payments which have already been made to them pursuant to such agreements or portions thereof.
The provisions of this MODIFICATION OF ORDER TO CEASE AND DESIST shall be binding upon the Bank, its successors, assigns, directors, officers, employees, agents, and other institution-affiliated parties.
Except as specifically modified herein, all of the terms and conditions of the ORDER heretofore issued against the Bank on November 8, 1991, and which became effective on November 18, 1991, shall remain in full force and effect.
The provisions of this MODIFICATION OF ORDER TO CEASE AND DESIST shall remain effective and enforceable except to the extent that, and until such time as, any provisions of this MODIFICATION OF ORDER TO CEASE AND DESIST shall have been modified, terminated, suspended, or set aside by the FDIC.
Date of Issuance: July 28, 1992.
Pursuant to delegated authority.