Bank Owned Life Insurance. All benefits under the Company’s bank owned life insurance policies (“BOLI Benefits”) shall be full and irrevocably vested in and paid to the Executive upon a Change in Control.
Bank Owned Life Insurance. BSFI and each BSFI Subsidiary has obtained the written consent of each employee on whose behalf bank owned life insurance (“BOLI”) has been purchased. Oswego County National Bank has taken all actions necessary to comply with applicable law in connection with its purchase of BOLI. BSFI Disclosure Schedule 4.29 sets forth all BOLI owned by BSFI or any BSFI Subsidiary and a list of the lives insured thereunder.
Bank Owned Life Insurance. The Bank has purchased insurance policies on the lives of certain directors and executive officers of the Bank. The Bank purchased the policies to insure the lives of certain key executives and provide additional benefits for their beneficiaries. The cash surrender value of the insurance policies, up to the total amount of premiums paid, is recorded as an asset in the balance sheets and included in other assets. At December 31, 2017 and 2016, the cash surrender value amounted to $5.1 million, and $4.8 million, respectively. The Bank may not invest more than 25 percent of its total capital in bank-owned life insurance without first notifying and obtaining authorization from the Bank's OCC Regional Office. The bank-owned life insurance provides an attractive tax-exempt return to the Bank.
Bank Owned Life Insurance. The Company has no Bank Owned Life Insurance owned by the Company or its Subsidiaries.
Bank Owned Life Insurance. First Franklin Disclosure Schedule 3.25 sets forth a true, correct and complete description of all Bank Owned Life Insurance owned by First Franklin or its Subsidiaries and the value of which is accurately reflected in the First Franklin Financials.
Bank Owned Life Insurance. Beacon Federal and each Beacon Federal Subsidiary has obtained the written consent of each employee on whose behalf bank owned life insurance (“BOLI”) has been purchased. Beacon Bank has taken all actions necessary to comply with applicable law in connection with its purchase of BOLI.
Bank Owned Life Insurance. Legacy and each Legacy Subsidiary has obtained the written consent of each employee on whose behalf bank owned life insurance (“BOLI”) has been purchased. Legacy Banks has taken all actions necessary to comply with applicable law in connection with its purchase of BOLI. Legacy Disclosure Schedule 4.29 sets forth all BOLI owned by Legacy or any Legacy Subsidiary, a breakdown of the cash surrender values on each policy, the purpose for which each policy was purchased, the beneficiaries of such policy and a list of the lives insured thereunder.
Bank Owned Life Insurance. Rome and each Rome Subsidiary has obtained the written consent of each employee on whose behalf bank owned life insurance (“BOLI”) has been purchased. The Rome Savings Bank has taken all actions necessary to comply with applicable law in connection with its purchase of BOLI. Rome Disclosure Schedule 4.29 sets forth all BOLI owned by Rome or any Rome Subsidiary, a breakdown of the cash surrender values on each policy, the regulatory purpose for which each policy was purchased, the beneficiaries of such policy and a list of the lives insured thereunder.
Bank Owned Life Insurance. Section 3.34 of the Oakwood Disclosure Schedules contains a true, correct and complete description of all BOLI owned by Oakwood Bank, including the cash surrender value of the BOLI as of December 31, 2023, March 31, 2024 and April 30, 2024. Oakwood Bank has taken all actions necessary to comply with applicable law in connection with the purchase and maintenance of BOLI. The cash surrender value of such BOLI is and has been fairly and accurately reflected in the most recent balance sheet included in the Oakwood Financial Statements in accordance with GAAP. All BOLI set forth in Section 3.34 of the Oakwood Disclosure Schedules is owned solely by Oakwood Bank, no other person has any ownership claims with respect to such BOLI or proceeds of insurance derived therefrom and, except as set forth in Section 3.34 of the Oakwood Disclosure Schedules, there are no split dollar or similar benefit plans, programs or arrangements with Oakwood Bank. Oakwood Bank has no outstanding borrowings secured in whole or part by its BOLI.
Bank Owned Life Insurance. CNB and each CNB Subsidiary has obtained the written consent of each employee on whose behalf bank owned life insurance (“BOLI”) has been purchased. City National Bank has taken all actions necessary to comply with applicable law in connection with its purchase of BOLI. CNB Disclosure Schedule 4.29 sets forth all BOLI owned by CNB or any CNB Subsidiary.
