CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30, 2000 and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total capital at least equal to twelve percent (12%) of risk-weighted assets;
(b) Tier 1 capital at least equal to seven percent (7%) of adjusted total assets.
(2) Within sixty (60) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three year capital program. The program shall include:
(a) specific plans for the maintenance of adequate capital that may in no event be less than the requirements of paragraph (1);
(b) projections for growth and capital requirements based upon a detailed analysis of the Bank's assets, liabilities, earnings, fixed assets, and off-balance sheet activities;
(c) projections of the sources and timing of additional capital to meet the Bank's current and future needs;
(d) the primary source(s) from which the Bank will strengthen its capital structure to meet the Bank's needs;
(e) contingency plans that identify alternative methods should the primary source(s) under (d) above not be available; and
(f) a dividend policy that permits the declaration of a dividend only:
(i) when the Bank is in compliance with its approved capital program;
(ii) when the Bank is in compliance with 12 U.S.C. Sec. 56 and 60; and
(iii) with the prior written approval of the Director for Special Supervision/Fraud.
(3) Upon completion, the Bank's capital program shall be submitted to the Director for Special Supervision/Fraud for approval. Upon approval by the Director for Special Supervision/Fraud, the Bank shall implement and adhere to the capital program. The Board shall review and update the Bank's capital program on an annual basis, or more frequently if necessary. Copies of the reviews and updates shall be submitted to the Director for Special Supervision/Fraud.
(4) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the program developed pursuant to this Article.
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by June 30, 2009 and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Tier 1 capital at least equal to eight percent (8%) of adjusted total assets.1
(b) Total Risk Based capital at least equal to twelve percent (12%) of risk- weighted assets;
(2) The requirement in this Agreement to meet and maintain a specific capital level means that the Bank may not be deemed to be “well capitalized” for purposes of 12 U.S.C. § 1831o and 12 C.F.R. Part 6 pursuant to 12 C.F.R. § 6.4(b)(1)(iv).
(3) Within ninety (90) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three year capital program. The program shall include:
(a) specific plans for the maintenance of adequate capital that may in no event be less than the requirements of paragraph (1);
(b) projections for growth and capital requirements based upon a detailed analysis of the Bank's assets, liabilities, earnings, fixed assets, and off- balance sheet activities; 1 Adjusted total assets is defined in 12 C.F.R. § 3.2(a) as the average total asset figure used for Call Report purposes minus end-of-quarter intangible assets.
(c) projections of the sources and timing of additional capital to meet the Bank's current and future needs;
(d) contingency plans that identify alternative methods should the primary source(s) under (c) above not be available; and
(e) a dividend policy that permits the declaration of a dividend only:
(i) when the Bank is in compliance with its approved capital program;
(ii) when the Bank is in compliance with 12 U.S.C. § 56 and 60; and
(iii) with prior written notice to the Assistant Deputy Comptroller.
(4) Upon completion, the Bank's capital program shall be submitted to the Assistant Deputy Comptroller for prior determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the Assistant Deputy Comptroller, the Bank shall implement and adhere to the capital program. The Board shall review and update the Bank's capital program on an annual basis, or more frequently if necessary. Copies of the reviews and updates shall be submitted to the Assistant Deputy Comptroller.
(5) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the program developed pursuant to this Article.
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall immediately and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Tier 1 capital at least equal to twelve percent (12%) of risk-weighted assets;
(b) Tier 1 capital at least equal to eight percent (8 %) of adjusted total assets.
(c) Total capital at least equal to fourteen percent (14%) of risk-weighted assets
(2) The requirement in this Formal Agreement to meet and maintain a specific capital level means that the Bank may not be deemed to be "well capitalized" for purposes of 12 U.S.C. § 1831o and 12 C.F.R. Part 6 pursuant to 12 C.F.R. § 6.4(b)(1)(iv).
(3) Within ninety (90) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-year capital program. The program shall include:
(a) specific plans for the maintenance of adequate capital that may in no event be less than the requirements of paragraph (1);
(b) projections for growth and capital requirements based upon a detailed analysis of the Bank's assets, liabilities, earnings, fixed assets, and off- balance sheet activities;
(c) projections of the sources and timing of additional capital to meet the Bank's current and future needs;
(d) the primary source(s) from which the Bank will strengthen its capital structure to meet the Bank's needs;
(e) contingency plans that identify alternative methods should the primary source(s) under (d) above not be available; and
(f) a dividend policy that permits the declaration of a dividend only:
(i) when the Bank is in compliance with its approved capital program;
(ii) when the Bank is in compliance with 12 U.S.C. §§ 56 and 60; and
(iii) With the prior written approval of the Assistant Deputy Comptroller.
(4) Upon completion, the Bank's capital program shall be submitted to the Assistant Deputy Comptroller for approval. Upon approval by the Assistant Deputy Comptroller, the Bank shall implement and adhere to the capital program. The Board shall review and update the Bank's capital program on an annual basis, or more frequently if necessary. Copies of the reviews and updates shall be submitted to the Assistant Deputy Comptroller.
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by October 31, 2008 and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk based capital equal to twelve percent (12%) of risk-weighted assets;
(b) Tier 1 capital at least equal to eleven percent (11%) of risk-weighted assets (Adjusted total assets is defined in 12 C.F.R. § 3.2(a) as the average total asset figure used for Call Report purposes minus end-of-quarter intangible assets);
(c) Tier 1 capital at least equal to nine percent (9%) of adjusted total assets.
(2) The requirement in this Agreement to meet and maintain a specific capital level means that the Bank may not be deemed to be “well capitalized” for purposes of 12 U.S.C. § 1831o and 12 C.F.R. Part 6 pursuant to 12 C.F.R. § 6.4(b)(1)(iv).
(3) Within sixty (60) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three year capital program. The program shall include:
(a) specific plans for the maintenance of adequate capital that may in no event be less than the requirements of paragraph (1);
(b) projections for growth and capital requirements based upon a detailed analysis of the Bank’s assets, liabilities, earnings, fixed assets, and off-balance sheet activities;
(c) projections of the sources and timing of additional capital to meet the Bank’s current and future needs;
(d) the primary source(s) from which the Bank will strengthen its capital structure to meet the Bank’s needs;
(e) contingency plans that identify alternative methods should the primary source(s) under (d) above not be available; and
(f) a dividend policy that permits the declaration of a dividend only:
(i) when the Bank is in compliance with its approved capital program and will remain in compliance with its approved capital program and paragraph (1) of this Article immediately following the payment of any dividend;
(ii) when the Bank is in compliance with 12 U.S.C. §§ 56 and 60; and
(iii) with the prior written determination of no supervisory objection by the Assistant Deputy Comptroller. Upon receiving a determination of no supervisory objection from the Assistant Deputy Comptroller, the Bank shall implement and adhere to the dividend policy.
(4) Upon completion, the Bank’s capital program shall be submitted to the Assistant Deputy Comptroller for prior written determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the Assistant Deputy Comptroller, the Bank shall implement...
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by December 31, 2003 and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Tier 1 capital at least equal to eleven percent (11%) of risk-weighted assets;
(b) Tier 1 capital at least equal to eight percent (8%) of adjusted total assets.1
(2) The requirement in this Agreement to meet and maintain a specific capital level means that the Bank may not be deemed to be “well capitalized” for purposes of 12 U.S.C. § 1831o and 12 C.F.R. Part 6 pursuant to 12 C.F.R. § 6.4(b)(1)(iv). 1 Adjusted total assets is defined in 12 C.F.R. § 3.2(a) as the average total asset figure used for Call Report purposes minus end-of-quarter intangible assets. As further noted in 12 C.F.R. § 3.2(a), a bank may be required to compute and maintain its leverage ratio on the basis of actual, rather than average total assets. This language would have to be modified to reflect that change.
(3) Within ninety (90) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-year capital program. The program shall include:
(a) specific plans for the maintenance of adequate capital that may in no event be less than the requirements of paragraph (1);
(b) the primary source(s) from which the Bank will strengthen its capital structure to meet the Bank's needs;
(c) contingency plans that identify alternative methods should the primary source(s) under (b) above not be available; and
(d) a dividend policy that permits the declaration of a dividend only:
(i) when the Bank is in compliance with its approved capital program;
(ii) when the Bank is in compliance with 12 U.S.C. §§ 56 and 60; and
(iii) with prior written notice to the Assistant Deputy Comptroller.
(4) Upon completion, the Bank's capital program shall be submitted to the Assistant Deputy Comptroller for prior determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the Assistant Deputy Comptroller, the Bank shall implement and adhere to the capital program. The Board shall review and update the Bank's capital program on an annual basis, or more frequently if necessary. Copies of the reviews and updates shall be submitted to the Assistant Deputy Comptroller.
(5) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the program developed pursuant to this Article.
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by March 31, 2005 and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Tier 1 capital at least equal to thirteen percent (13%) of risk-weighted assets; and
(b) Tier 1 capital at least equal to seven and one half percent (7.5%) of adjusted total assets.
(2) Within ninety (90) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three year capital program. The program should reflect the bank’s strategic plans and shall include:
(a) specific plans for the maintenance of adequate capital including targeted minimums for Tier One Leverage, Tier One Risk Based Capital and Total Risk Based Capital;
(b) projections for growth and capital requirements based upon a detailed analysis of the Bank’s assets, liabilities, earnings, fixed assets, and off-balance sheet activities;
(c) projections of the sources and timing of additional capital to meet the Bank’s current and future needs, if needed;
(d) contingency plans that identify alternative methods;
(e) a dividend policy that permits the declaration of a dividend only:
(i) when the Bank is in compliance with its approved capital program;
(ii) when the Bank is in compliance with 12 U.S.C. §§ 56 and 60; and
(iii) with the prior determination of no supervisory objection by the Assistant Deputy Comptroller, provided however, that this restriction shall not be applicable to dividend payments to the Bank's parent company in an amount necessary to service the debt associated with a trust preferred issuance, the terms and conditions of which shall be submitted to the OCC for prior review, issued to satisfy the requirements of Article VIII, paragraph 1 of this Agreement.
(3) Upon completion, the Bank’s capital program shall be submitted to the Assistant Deputy Comptroller for review and prior determination of no supervisory objection.
(4) Upon approval by the Assistant Deputy Comptroller, the Bank shall implement and adhere to the capital program. The Board shall review and update the Bank’s capital program on an annual basis, or more frequently if necessary. Copies of the reviews and updates shall be submitted to the Assistant Deputy Comptroller.
(5) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the program developed pursuant to this Article.
CAPITAL PLAN AND HIGHER MINIMUMS. (1) As of the effective date of this Agreement and thereafter, the Bank shall maintain the following minimum capital ratios (as such terms are used in 12 C.F.R. Part 3):
(a) a total capital ratio equal to, or greater than, thirteen percent (13%); and
(b) a leverage ratio equal to, or greater than, nine percent (9%).
(2) The requirement in this Agreement to meet and maintain a specific capital level means that the Bank may not be deemed to be “well capitalized” for purposes of 12 U.S.C. § 1831o and 12 C.F.R. Part 6 pursuant to 12 C.F.R. § 6.4(b)(1)(iv).
(3) Within ninety (90) calendar days, the Board shall develop, implement, and thereafter ensure Bank adherence to a written three-year capital plan. The capital plan shall include:
(a) specific plans for the maintenance of adequate capital that may in no event be less than the requirements of paragraph (1);
(b) financial statement projections for growth and capital requirements over the three-year period of the capital plan, including without limitation projections of the Bank’s leverage ratio and total capital ratio over the three-year period, based upon a detailed analysis of the Bank's assets, liabilities, earnings, fixed assets, and off-balance sheet activities;
(c) projections of the sources, timing, and utilization of additional capital to meet the Bank's current and future needs over the three-year period;
(d) the primary source(s) from which the Bank will strengthen its capital structure to meet the Bank's needs;
(e) contingency plans that identify alternative methods should the primary source(s) under (d) above not be available; and
(f) a dividend policy that permits the declaration of a dividend only:
(i) when the Bank is, and would remain following payment of such dividend, in compliance with its approved capital plan;
(ii) when the Bank is, and would remain following payment of such dividend, in compliance with 12 C.F.R. Part 163, Subpart E; and
(iii) with the prior written determination of no supervisory objection by the ADC. Upon receiving from the ADC a written determination of no supervisory objection, the Bank shall implement and adhere to the dividend policy.
(4) Upon completion, the Bank's capital plan shall be submitted to the ADC for a prior written determination of no supervisory objection. Upon receiving a written determination of no supervisory objection from the ADC, the Bank shall implement and adhere to the capital plan. If the ADC provides a written notice of supervisory objection...
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30, 2006 and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk-based capital at least equal to twelve and one- quarter percent (12.25%) of risk-weighted assets;
(b) Tier 1 leverage capital at least equal to eight and one-quarter percent (8.25%) of adjusted total assets.1
(2) The requirement in this Agreement to meet and maintain a specific capital level means that the Bank may not be deemed to be “well capitalized” for purposes of 12 U.S.C. § 1831o and 12 C.F.R. Part 6 pursuant to 12 C.F.R. § 6.4(b)(1)(iv).
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by July 31, 2006, and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Tier 1 capital at least equal to twelve percent (12%) of risk- weighted assets;
(b) Total capital at least equal to thirteen percent (13%) of risk- weighted assets.
(c) Tier 1 Leverage capital of at least equal to nine percent (9%).
(2) The requirement in this Agreement to meet and maintain a specific capital level means that the Bank may not be deemed to be “well capitalized” for purposes of 12 U.S.C. § 1831o and 12 C.F.R. Part 6 pursuant to 12 C.F.R. § 6.4(b)(1)(iv).
(3) Within ninety (90) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-year capital program. The program shall include:
(a) specific plans for the maintenance of adequate capital that may in no event be less than the requirements of paragraph (1):
(b) restrictions on allowing holding company stock from being encumbered (i.e., pledged as collateral)
(c) projections for growth and capital requirements based upon a detailed analysis of the Bank's assets, liabilities, earnings, fixed assets, and off-balance sheet activities, including:
(d) various budget and growth scenarios analyzed in a quantitative manner;
(e) detailed description and analysis of loan growth projections including type, source and the corresponding impact on each capital category as defined in paragraph (1) above;
(f) projections of the sources and timing of additional capital to meet the Bank's current and future needs;
(g) the primary source(s) from which the Bank will strengthen its capital structure to meet the Bank's needs;
(h) contingency plans that identify alternative methods should the primary source(s) under (g) above not be available. The contingency plans must also include an option to sell, merge or liquidate the bank with corresponding triggers, timeframes and a detailed process; and
(i) a dividend policy that permits the declaration of a dividend only:
(i) when the Bank is in compliance with its approved capital program;
(ii) when the Bank is in compliance with 12 U.S.C. §§ 56 and 60; and
(iii) with the prior written determination of no supervisory objection by the Assistant Deputy Comptroller. Upon receiving a determination of no supervisory objection from the Assistant Deputy Comptroller, the Bank shall implement and adhere to the dividend policy.
(4) Upon completion, the Bank's capital program and the dividend policy shall be submitte...
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by March 31, 2005 and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) total risk-based capital at least equal to eleven percent (11%) of risk- weighted assets; and
(b) tier 1 capital at least equal to eight percent (8%) of adjusted total assets.1
(2) The requirement in this Agreement to meet and maintain a specific capital level means that the Bank may not be deemed to be “well capitalized” for purposes of 12 U.S.C. § 1831o and 12 C.F.R. Part 6 pursuant to 12 C.F.R. § 6.4(b)(1)(iv). 1 Adjusted total assets is defined in 12 C.F.R. § 3.2(a) as the average total asset figure used for Call Report purposes minus end-of-quarter intangible assets. As further noted in 12 C.F.R. § 3.2(a), a bank may be required to compute and maintain its leverage ratio on the basis of actual, rather than average total assets. This language would have to be modified to reflect that change.
