CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30, 2002, and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3): (a) Total risk base capital at least equal to twelve percent (12%) of risk- weighted assets; and (b) Tier 1 capital at least equal to eight percent (8%) of adjusted total 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. (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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30, 2002, and thereafter maintain the following capital levels level (as defined in 12 C.F.R. Part 3):
(a) Total risk base capital at least equal to twelve percent (12%) of risk- weighted assets; and
(b) ): Tier 1 capital at least equal to eight and one-half percent (88.5%) leverage ratio, and Total Risk Based capital of adjusted total assetstwelve percent (12%).
(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 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 determination of no supervisory objection by the Assistant Deputy ComptrollerADC.
(4) Upon completion, the Bank's capital program shall be submitted to the Assistant Deputy Comptroller ADC for approvalprior determination of no supervisory objection. Upon approval by receiving a determination of no supervisory objection from the Assistant Deputy ComptrollerADC, 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 ComptrollerADC.
(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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30December 31, 2002, 2007 and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base Tier 1 capital at least equal to twelve percent (12%) 10.00% of risk- risk-weighted assets; and;
(b) Tier 1 capital at least equal to eight percent (8%) 6.50% of adjusted total assets.assets.1
(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 sixty (9060) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-year capital program. The program shall include:
(a) specific Specific plans for the maintenance of adequate capital that may in no event be less than the requirements of paragraph (1);; 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.
(b) projections 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 Projections of the sources and timing of additional capital to meet the Bank's current and future needs;
(d) the The primary source(s) from which the Bank will strengthen its capital structure to meet the Bank's needs;
(e) contingency Contingency plans that identify alternative methods should the primary source(s) under (d) above not be available; and
(f) a A dividend policy that permits the declaration of a dividend only:
(i) when When the Bank is in compliance with its approved capital program;
(ii) when When the Bank is in compliance with 12 U.S.C. §§ 56 and 60; and
(iii) with the With prior written approval determination of a no supervisory objection from the Assistant Deputy Comptroller.
(4) Upon completion, the Bank's capital program shall be submitted to the Assistant Deputy Comptroller for approvalprior determination of no supervisory objection. Upon approval by 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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30, 2002, and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base Tier 1 capital at least equal to twelve eleven percent (1211%) of risk- risk-weighted assets; and;
(b) Tier 1 capital at least equal to eight percent (8%) of adjusted total assets.assets.1
(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 § 1831f and 1831o, 12 C.F.R. § 337.6 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-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 determination of no supervisory objection by the Assistant Deputy Comptroller. 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.
(4) Upon completion, the Bank's capital program shall be submitted to the Assistant Deputy Comptroller for approvalprior written determination of no supervisory objection. Upon approval by 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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30December 31, 20022009, and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base capital at least equal to twelve percent (12%) of risk- weighted assets; and
(b) Tier 1 capital at least equal to eight nine percent (89%) of adjusted total assets,1 and
(b) Total Risk Based Capital of at least eleven and a half percent (11.5%) of risk-weighted assets. 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.
(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-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 ’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 ’s needs;
(ed) contingency plans that identify alternative methods should the primary source(s) under (dc) above not be available; and
(fe) 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 determination of no supervisory objection by the Assistant Deputy Comptroller.
(4) Upon completion, the Bank's ’s capital program shall be submitted to the Assistant Deputy Comptroller for approvalprior determination of no supervisory objection. Upon approval by 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 ’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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September June 30, 20022003, and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base Tier 1 capital at least equal to twelve eight percent (128.0%) of risk- risk-weighted assets; and;
(b) Tier 1 capital at least equal to eight twelve percent (812.0%) of adjusted total assets.assets.1
(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-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 determination of no supervisory objection by the Assistant Deputy ComptrollerADC.
(4) Upon completion, the Bank's capital program shall be submitted to the Assistant Deputy Comptroller ADC for approvalprior determination of no supervisory objection. Upon approval by receiving a determination of no supervisory objection from the Assistant Deputy ComptrollerADC, the Bank shall implement and adhere to the capital programi. 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. The Board shall review As further noted in 12 C.F.R. § 3.2(a), a bank may be required to compute and update maintain its leverage ratio on the Bank's capital program on an annual basisbasis of actual, or more frequently if necessaryrather than average total assets. Copies of the reviews and updates shall This language would have to be submitted modified to the Assistant Deputy Comptrollerreflect that change.
(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.
Appears in 1 contract
Samples: Termination Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30, 2002, and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base capital at least equal to twelve percent (12%) of risk- weighted assets; and
(b) Tier 1 capital at least equal to eight percent (8%) of adjusted total assets.1;
(b) Tier 1 capital at least equal to ten percent (10%) 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) daysBy February 28, 2003, the Board shall developupdate, implement, and thereafter ensure Bank adherence to a your 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- 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
(ii) when the Bank is in compliance with 12 U.S.C. §§ 56 and 60; and
(iii. 1 Adjusted total assets is defined in 12 C.F.R. § 3.2(a) with as the prior written approval 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 the Assistant Deputy Comptrolleractual, rather than average total assets. This language would have to be modified to reflect that change.
(4) Upon completion, the Bank's capital program shall be submitted to the Assistant Deputy Comptroller for approvalprior determination of no supervisory objection. Upon approval by 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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30, 2002, and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base Risk Based capital at least equal to twelve percent (1212.0%) of risk- weighted assets; and
(b) Tier 1 capital at least equal to eight nine percent (89.0%) of adjusted total 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 thirty (9030) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-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 determination of no supervisory objection by the Assistant Deputy Comptroller.
(4) Upon completioncompletion and after any subsequent revisions, the Bank's capital program shall be submitted to the Assistant Deputy Comptroller for approvalprior determination of no supervisory objection. Upon approval by receiving a determination of no supervisory objection from the Assistant Deputy Comptroller, the Bank Board 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 If the OCC determines, in its sole judgment, that the Board has failed to submit an acceptable capital program as required by paragraph (3) of this Article, or fails to implement or adhere to a capital program for which the OCC has taken no supervisory objection pursuant to paragraph (4) of this Article, then within sixty (60) days of receiving written notice from the OCC of such fact, the Board shall ensure that develop and shall submit to the OCC for its review and prior determination of no supervisory objection a capital contingency plan, which shall detail the Board’s proposal to sell or merge the Bank, or liquidate the Bank under 12 U.S.C. § 181. After the OCC has processesadvised the Bank that it does not take supervisory objection to the capital contingency plan, personnelthe Board shall immediately implement, and control systems shall thereafter ensure adherence to, the terms of the contingency plan. Failure to ensure implementation submit a timely, acceptable contingency plan may be deemed a violation of and adherence to this Agreement, in the program developed pursuant to this Articleexercise of the OCC’s sole discretion.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30, 2002, 2011 and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base Tier 1 capital at least equal to twelve eleven percent (1211.00%) of risk- risk-weighted assets; and;
(b) Tier 1 capital at least equal to eight seven and one half percent (87.50%) of adjusted total assets.assets.1
(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 sixty (9060) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-year capital programCapital Plan. The program Capital Plan shall include:: 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.
(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 programCapital Plan;
(ii) when the Bank is in compliance with 12 U.S.C. §§ 56 and 60; and
(iii) with the prior written approval determination of no supervisory objection by the Assistant Deputy Comptroller. Upon receiving a determination of no supervisory objection, the Bank shall implement and adhere to the dividend policy.
(4) Upon completion, the Bank's capital program Capital Plan shall be submitted to the Assistant Deputy Comptroller for approvalprior determination of no supervisory objection. Upon approval by receiving a determination of no supervisory objection from the Assistant Deputy Comptroller, the Bank shall implement and adhere to the capital programCapital Plan. The Board shall review and update the Bank's capital program Capital Plan on an annual basis, or basis and more frequently if necessarynecessary or if requested by the Assistant Deputy Comptroller. Copies of Revisions to the reviews and updates Capital Plan shall be submitted to the Assistant Deputy ComptrollerComptroller for a prior written determination of no supervisory objection.
(5) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the program Capital Plan developed pursuant to this Article.
(6) If the Bank fails to submit an acceptable Capital Plan as required by paragraph (3) of this Article, fails to implement or adhere to a Capital Plan for which the Assistant Deputy Comptroller has taken no supervisory objection pursuant to paragraph (4) of this Article, or fails to achieve and maintain the minimum capital ratios as required by paragraph (1) of this article then, in the sole discretion of the Assistant Deputy Comptroller, the Board shall, upon direction of the Assistant Deputy Comptroller, within thirty (30) days develop and shall submit to the Assistant Deputy Comptroller for her review and prior determination of no supervisory objection a Disposition Plan, which shall detail the Board’s proposal to sell or merge the Bank, or liquidate the Bank under 12 U.S.C. § 181. If the Disposition Plan outlines the sale or merger of the Bank, at a minimum, the Disposition Plan shall address the steps that will be taken and the associated timeline to ensure that a definitive agreement for the sale or merger of the Bank is executed within an acceptable time after the receipt of the Assistant Deputy Comptroller’s written determination of no supervisory objection to the Disposition Plan. If the Disposition Plan outlines a liquidation of the Bank, the Disposition Plan shall detail the actions and steps necessary to accomplish the liquidation in conformance with 12 U.S.C. §§ 181 and 182, and the dates by which each step of the liquidation shall be completed, including the date by which the Bank will terminate the national bank charter. In the event of liquidation, the Bank shall hold a shareholder vote pursuant to 12 U.S.C. § 181, and commence liquidation, within thirty (30) days of receiving the Assistant Deputy Comptroller’s written determination of no supervisory objection to the Disposition Plan.
(7) After the Assistant Deputy Comptroller has advised the Bank that she does not take supervisory objection to the Disposition Plan, the Board shall immediately implement, and shall thereafter ensure adherence to, the terms of the Disposition Plan. Failure to submit a timely, acceptable Disposition Plan may be deemed a violation of this Agreement, in the exercise of the OCC’s sole discretion.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall immediately achieve by September 30, 2002, and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base capital at least equal to twelve percent (12%) of risk- risk-weighted assets; and
(b) Tier 1 capital at least equal to eight percent (8%) of adjusted total assets.
(2) The Bank shall achieve by March 31, 2005, and thereafter maintain, the following capital levels:
(a) Total capital at least equal to fourteen percent (14%) of risk-weighted assets; and
(b) Tier 1 capital at least equal to nine percent (9%) of adjusted total assets.
(3) 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. § Sec. 1831o and 12 C.F.R. Part 6 pursuant to 12 C.F.R. § Sec. 6.4(b)(1)(iv).
(34) Within ninety sixty (9060) 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 paragraphs (1) and (2);
(b) projections for growth and capital requirements based upon a detailed analysis of the Bank's assets, liabilities, earnings, fixed assets, and off- 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.Sec. 56 and 60; and
(iii) with the prior written approval of the Assistant Deputy Comptroller.
(45) 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.
(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.
Appears in 1 contract
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30, 2002, immediately and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base Tier 1 capital at least equal to twelve percent (12%) of risk- risk-weighted assets; and;
(b) Tier 1 capital at least equal to eight percent (88 %) 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 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.
(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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30, 2002, and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base capital at least equal to twelve percent (12%) of risk- weighted assets; and
(b) Tier 1 capital at least equal to eight nine percent (89.00%) of adjusted total assets;1 and,
(b) Total risk based capital at least equal to thirteen percent (13.00%) of risk- weighted assets. 1Adjusted 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.
(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 The Board shall develop, implement, and thereafter ensure Bank adherence to a three-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 determination 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 no supervisory objection 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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30, 20022004, and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base Tier 1 capital at least equal to twelve eleven percent (1211%) of risk- risk-weighted assets; and;
(b) Tier 1 capital at least equal to eight seven percent (87%) of adjusted total assets.assets.1
(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-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);; 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.
(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 determination of no supervisory objection by the Assistant Deputy Comptroller.
(4) Upon completion, the Bank's capital program shall be submitted to the Assistant Deputy Comptroller for approvalprior written determination of no supervisory objection. Upon approval by receiving a written 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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30December 31, 2002, 2010 and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base based capital at least equal to twelve percent (12%) of risk- weighted assets; and;
(b) Tier 1 capital at least equal to eight percent (8%) of adjusted total assetsassets1. 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.
(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-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 determination of no supervisory objection by the Assistant Deputy Comptroller. Upon receiving a determination of no supervisory objection, 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 approvalprior determination of no supervisory objection. Upon approval by 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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Within sixty (60) days, the Bank shall achieve by September 30, 2002, and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base Tier 1 capital at least equal to twelve thirteen percent (1213%) of risk- risk-weighted assets; and;
(b) Tier 1 capital at least equal to eight percent (8%) of adjusted total assets.assets.(1)
(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)(iv6.4(b)(l)(iv).
(3) Within ninety sixty (9060) 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 ’s assets, liabilities, earnings, fixed assets, and off- off-balance sheet activities;
(c) projections of the sources and timing of additional capital to meet the Bank's ’s current and future needs;
(d) the primary source(s) from which the Bank will strengthen its capital structure to meet the Bank's ’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 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 ’s capital program shall be submitted to the Assistant Deputy Comptroller for approvalprior determination of no supervisory objection. Upon approval by 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 ’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.
Appears in 1 contract
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30December 31, 2002, 2008 and thereafter during the term of this Agreement shall maintain the following capital levels (as defined in 12 C.F.R. Part 3):), calculated as of the end of each calendar quarter:
(a) Total risk base capital a. Tier 1 Leverage Capital at least equal to twelve nine percent (129%) of risk- weighted assets; and
(b) Tier 1 capital at least equal to eight percent (8%) of adjusted actual average total 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) daysdays from the date of this Agreement, the Board shall develop, develop and implement, and thereafter ensure by December 31, 2008, the Bank adherence will adhere to a three-three year capital program. The program shall include:
(a) a. specific plans for the maintenance of adequate capital that may in no event be less than the requirements of paragraph (1);; 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.
(b) b. projections for growth and capital requirements based upon a detailed analysis of the Bank's assets, liabilities, earnings, fixed assets, and off- off-balance sheet activities;
(c) c. projections of the sources and timing of additional capital to meet the Bank's current and future needs;
(d) d. the primary source(s) from which the Bank will strengthen its capital structure to meet the Bank's needs;
(e) e. contingency plans that identify alternative methods should the primary source(s) under (d) above not be available; and
(f) 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 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 approvalprior written determination of no supervisory objection. Upon approval by 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 IV.
(6) If the OCC determines, pursuant to this Agreement, that the Bank has failed to submit an acceptable capital program as required by paragraph (3) of this Article, or fails to implement or adhere to a capital program for which the OCC has taken no supervisory objection pursuant to paragraph (4) of this Article, then within ninety (90) days of receiving written notice from the OCC of such fact, the Bank shall develop and shall submit to the OCC for its review and prior determination of no supervisory objection a capital contingency plan, which shall detail the Board’s proposal to raise capital, and sell or merge the Bank, or liquidate the Bank under 12 U.S.C. § 181. After the OCC has advised the Bank that it does not take supervisory objection to the capital contingency plan, the Board shall immediately implement, and shall thereafter ensure adherence to, the terms of the contingency plan. Failure to submit a timely, acceptable contingency plan may be deemed a violation of this Agreement, in the exercise of the OCC’s sole discretion.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30March 31, 20022011, and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base Risk-Based capital at least equal to twelve percent (12%) of risk- weighted assets; and
(b) Tier 1 capital at least equal to eight percent (8%) of adjusted total 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 sixty (9060) days, the Board shall developreview, implementrevise, and thereafter ensure Bank adherence to a its 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 determination of no supervisory objection by the Assistant Deputy Comptroller.
(4) Upon completion, completion of the revisions to the Bank's capital program, a copy of the program shall be submitted to the Assistant Deputy Comptroller for approvalprior determination of no supervisory objection. Upon approval by 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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30, 2002, and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base Tier 1 capital at least equal to twelve and one-half percent (1212.50%) of risk- risk-weighted assets; and;
(b) Tier 1 capital at least equal to eight seven and one-half percent (87.50%) of adjusted total assets.assets.1
(2) The requirement in requirements of 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 and12 C.F.R. Part 6 pursuant to 12 C.F.R. § 6.4(b)(1)(iv).
(3) Within ninety one hundred and twenty (90120) days, the Board Bank 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;; 1 Adjusted total assets is defined in 12 C.F.R. § 3.2(a) as the average total asset figure used for Call Report puposes 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.
(d) the primary source(s) from which the Bank will may 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 programplan;
(ii) when the Bank is in compliance with 12 U.S.C. §§ 56 and 60; and
(iii) with the prior written approval determination of no supervisory objection by the Assistant Deputy Comptroller.
(4) Upon completion, the Bank's ’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 ’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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September June 30, 2002, 2008 and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base Tier 1 capital at least equal to twelve eleven percent (1211%) of risk- risk-weighted assets; and;
(b) Tier 1 capital at least equal to eight percent (8%) of adjusted total assets.1 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.
(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 one hundred twenty (90120) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-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 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 approvalprior determination of no supervisory objection. Upon approval by 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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30December 31, 2002, 2009 and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base capital Risk – Based Capital at least equal to twelve percent (12%) of risk- weighted assets; and;
(b) Tier 1 capital at least equal to eight percent (8%) of adjusted total assets.assets.1
(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 thirty (9030) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-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;
(ed) contingency plans that identify alternative methods should the primary source(s) under (d) above not be available; and
(fe) 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 request to 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.
1 Pursuant to 12 C.F.R. § 3.2(a), the Bank is required to compute and maintain its leverage ratio on the basis of actual, rather than average, total assets.
(4) Upon completion, the Bank's capital program shall be submitted to the Assistant Deputy Comptroller for approvalprior determination of no supervisory objection. Upon approval by 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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30March 31, 2002, 2002 and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):), as measured at month-end:
(a) Total risk base Tier 1 capital at least equal to twelve seven percent (127%) of risk- weighted assets; andadjusted total assets.1
(b) Tier 1 capital at least equal to eight nine percent (89%) of adjusted risk-weighted assets; and
(c) Total risk-based capital at least equal to eleven percent (11 %) of risk-weighted assets. 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.
(2) The requirement in this Formal Agreement to meet and maintain a specific capital level means that the Bank may is 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 prior approval of the Director for Special Supervision/Fraud before 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 Comptrollerdividend.
(4) Upon completion, the Bank's capital program shall be submitted to the Assistant Deputy Comptroller Director for approvalSpecial Supervision/Fraud for prior determination of no supervisory objection. Upon approval by receiving a determination of no supervisory objection from the Assistant Deputy ComptrollerDirector 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 Assistant Deputy ComptrollerDirector for Special Supervision/Fraud.
(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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall immediately achieve by September 30, 2002, and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base capital at least equal to twelve percent (12%) of risk- risk-weighted assets; and
(b) Tier 1 capital at least equal to eight percent (8%) of adjusted total assets.
(2) The Bank shall achieve by March 31, 2005, and thereafter maintain, the following capital levels:
(a) Total capital at least equal to fourteen percent (14%) of risk-weighted assets; and
(b) Tier 1 capital at least equal to nine percent (9%) of adjusted total assets.
(3) 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).
(34) Within ninety sixty (9060) 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 paragraphs (1) and (2);
(b) projections for growth and capital requirements based upon a detailed analysis of the Bank's assets, liabilities, earnings, fixed assets, and off- 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.
(45) 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.
(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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30March 31, 2002, 2010 and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base Risk Based capital at least equal to twelve eleven percent (1211%) of risk- weighted assets; and;
(b) Tier 1 capital at least equal to eight nine percent (89%) of adjusted total assets.assets.1
(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 thirty (9030) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-three year capital program. The program shall include:: 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, unless otherwise notified in writing.
(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 determination of no supervisory objection by the Assistant Deputy Comptroller.
(4) Upon completion, the Bank's capital program shall be submitted to the Assistant Deputy Comptroller for approvalprior determination of no supervisory objection. Upon approval by receiving a written 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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The By March 31, 2008, the Bank shall achieve by September 30, 2002, and thereafter maintain the following capital levels (levels, as defined in 12 C.F.R. Part 3)::
(a) Total risk base based capital at least equal to twelve thirteen percent (1213%) of risk- risk-weighted assets; and;
(b) Tier 1 capital at least equal twelve (12%) percent of risk weighted assets; and
(c) Leverage ratio equal to eight ten percent (810%) of adjusted total 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 6, as provided in 12 C.F.R. § 6.4(b)(1)(iv).
(3) Within ninety sixty (9060) daysdays of the date of this Agreement, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-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 ’s assets, liabilities, earnings, fixed assets, and off- off-balance sheet activities;
(c) projections of the sources and timing of additional capital to meet the Bank's ’s current and future needs;
(d) the primary source(s) from which the Bank will strengthen its capital structure to meet the Bank's ’s needs;
(e) contingency plans that identify alternative methods should the primary source(s) under (d) above not be available, including the sale, merger, or liquidation of the Bank;
(f) consistency with the planning processes throughout the bank, including but not limited to the Strategic Plan (Article III); and
(fg) a dividend policy that permits the declaration of a dividend only:
(i) 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 determination of no supervisory objection by the Assistant Deputy Comptroller.
(h) 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 ’s capital program shall be submitted to the Assistant Deputy Comptroller for approvalprior determination of no supervisory objection. Upon approval by 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 ’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.
Appears in 1 contract
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30, 2002, and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base Tier 1 capital at least equal to twelve percent (12%) of risk- risk-weighted assets; and;
(b) Tier 1 capital at least equal to eight percent (8%) of adjusted total assets.assets.1
(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 sixty (9060) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-three year capital program. The program shall include:: 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.
(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 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 approvalprior determination of no supervisory objection. Upon approval by 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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Within ninety (90) days, the Bank shall achieve by September 30, 2002, and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base based capital at least equal to twelve percent (12%) of risk- weighted assets; and;
(b) Tier 1 capital at least equal to eight percent (8%) of adjusted total assets.assets.1
(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 sixty (9060) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-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);; 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.
(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 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 approvalprior determination of no supervisory objection. Upon approval by 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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30, 2002, and thereafter maintain the following capital levels level (as defined in 12 C.F.R. Part 3):
(a) Total risk base capital at least equal to twelve percent (12%) of risk- weighted assets; and
(b) Tier 1 capital at least equal to eight seven percent (87.0%) of adjusted total assets.
(b) “Adjusted total assets,” for purposes of subparagraph (a) above is defined as the average total asset figure used for Call Report purposes minus end- of-quarter intangible 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, and fixed assets. The projections prepared under Paragraph (1)(f) of Article II may be used in lieu of completing separate projections, provided such projections meet the requirements of both Article II and off- balance sheet activitiesthis Article;
(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 determination of no supervisory objection by the Assistant Deputy Comptroller.
(4) Upon completion, the Bank's capital program shall be submitted to the Assistant Deputy Comptroller for approvalprior determination of no supervisory objection. Upon approval by 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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30December 31, 2002, 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 nine percent (9%) of adjusted total assets1;
(b) Total risk base based capital at least equal to twelve percent (12%) of risk- weighted assets; and
(b. 1 Adjusted total assets is defined in 12 C.F.R. § 3.2(a) Tier 1 capital at least equal to eight percent (8%) of adjusted as the average total asset figure used for Call Report purposes minus end-of-quarter intangible 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-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 determination of no supervisory objection by the Assistant Deputy Comptroller.
(4) Upon completioncompletion of the capital program, the Bank's capital program shall be submitted to the Assistant Deputy Comptroller for approvalhis review and prior written determination of no supervisory objection. Upon approval by receiving a written 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.
Appears in 1 contract
Samples: Banking Compliance Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Within sixty (60) days, the Bank shall achieve by September 30, 2002, and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base Tier 1 capital at least equal to twelve eleven percent (1211%) of risk- risk-weighted assets; and;
(b) Tier 1 capital at least equal to eight 9 percent (89%) of adjusted total assets.assets.1
(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 forty-five (9045) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-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 ’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 ’s current and future needs;
(d) the primary source(s) from which the Bank will strengthen its capital structure to meet the Bank's ’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 bank is in compliance with its approved capital program;
; 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. Pursuant to 12 C.F.R. § 3.2(a), the Bank is (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.
(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.,
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1( 1 ) The Bank shall achieve by September 30, 2002, 2002 and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base based capital at least equal to twelve fourteen percent (1214%) of risk- weighted assets; and;
(b) Tier 1 capital at least equal to eight nine percent (89%) of adjusted total assets.assets.1
(2( 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( 3 ) Within ninety sixty (9060) daysdays of the adoption of the Strategic Plan required in Article IV, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-year capital program. The program , which shall include:
(a) specific plans for the maintenance of adequate capital that may in no event be less than the requirements of paragraph (1);; 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
(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 subparagraph (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 determination of no supervisory objection by 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.
(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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Within sixty (60) days, the Bank shall achieve by September 30, 2002, and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base Tier 1 capital at least equal to twelve thirteen percent (1213%) of risk- risk-weighted assets; and;
(b) Tier 1 capital at least equal to eight percent (8%) of adjusted total assets.assets.1
(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 sixty (9060) 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- 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 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 approvalprior determination of no supervisory objection. Upon approval by 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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30March 31, 20022011, and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base capital at least equal to twelve percent (12%) of risk- weighted assets; and
(b) Tier 1 leverage capital at least equal to eight percent (8%) of adjusted total assets;1
(b) Total risk based capital at least equal to twelve (12%) 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 sixty (9060) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-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);; 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.
(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 determination of no supervisory objection by the Assistant Deputy Comptroller. Upon receiving a written 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 approvalprior written determination of no supervisory objection. Upon approval by receiving a written 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.
Appears in 1 contract
Samples: Banking Compliance Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30, 20022009, and thereafter maintain maintain, the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk base capital at least equal to twelve percent (12%) of risk- risk-weighted assets; and;
(b) Tier 1 capital at least equal to eight nine percent (89%) of adjusted total assets.assets.1
(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);; 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.
(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 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 approvalprior determination of no supervisory objection. Upon approval by 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) If the OCC determines, in its sole judgment, that the Bank has failed to submit an acceptable capital program as required by paragraph (3) of this Article, or fails to implement or adhere to a capital program for which the OCC has taken no supervisory objection pursuant to paragraph (4) of this Article, then within ninety (90) days of receiving written notice from the OCC of such fact, the Bank shall develop and shall submit to the OCC for its review and prior determination of no supervisory objection a capital contingency plan, which shall detail the Board’s proposal to sell or merge the Bank, or liquidate the Bank under 12 U.S.C. § 181. After the OCC has advised the Bank that it does not take supervisory objection to the capital contingency plan, the Board shall immediately implement, and shall thereafter ensure adherence to, the terms of the contingency plan. Failure to submit a timely, acceptable contingency plan may be deemed a violation of this Agreement, in the exercise of the OCC’s sole discretion.
(6) 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.
Appears in 1 contract
Samples: Banking Agreement
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30, 20022016, and thereafter maintain the following capital levels (ratios as defined in 12 C.F.R. Part 3)::
(a) Total risk base A tier 1 leverage ratio at least equal to eight percent (8%);
(b) A common equity tier 1 capital ratio at least equal to eleven percent (11%); and
(c) A total capital ratio at least equal to twelve percent (12%) of risk- weighted assets; and
(b) Tier 1 capital at least equal to eight percent (8%) of adjusted total 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 1831(o) and 12 C.F.R. Part 6 6, pursuant to 12 C.F.R. § 6.4(b)(1)(iv6.4(c)(l)(v). In addition, the Bank may not solicit or accept any brokered deposit (as defined in 12 C.F.R. § 337.6(a)(2)) except in compliance with the applicable restrictions of 12 U.S.C. § 183lf and 12 C.F.R. § 337.6.
(3) Within ninety sixty (9060) daysdays of the date of this Agreement, the Board shall developforward to the Assistant Deputy Comptroller for his review, implementpursuant to paragraph five (5) of this Article, and thereafter ensure Bank adherence to a written Capital Plan for the Bank, covering at least a three-year capital programperiod. The program written Capital Plan shall includebe consistent with OCC Bulletin 2012-16 (Guidance for Evaluating Capital Planning and Adequacy) (June 7, 2012) and, at a minimum:
(a) include specific plans for the maintenance of adequate capital that may capital, which shall in no event be less than the requirements of paragraph one (1)) of this Article;
(b) projections for growth identify and capital requirements based upon a detailed analysis of the Bank's assets, liabilities, earnings, fixed assets, and off- balance sheet activitiesevaluate all material risks;
(c) projections of the sources and timing of additional capital to meet determine the Bank's current capital needs in relation to material risks and future needsstrategic direction;
(d) the primary source(s) from which the Bank will identify and establish a strategy to strengthen its capital structure to meet if necessary and establish a contingency or back-up capital plan commensurate with the Bank's needsoverall risk and complexity;
(e) contingency plans that identify alternative methods should the primary source(s) under (d) above not be availableinclude detailed quarterly financial projections; and
(f) include specific plans detailing how the Bank will comply with restrictions or requirements set forth in this Agreement that will have an impact on the Bank's capital.
(4) The Bank may declare or pay a dividend policy that permits the declaration of or make a dividend capital distribution only:
(ia) when the Bank is in compliance with its approved capital program;
(ii) when the Bank is written Capital Plan and would remain in compliance with 12 U.S.C. §§ 56 and 60its approved written Capital Plan immediately following the declaration or payment of any dividend or the capital distribution; and
(iiib) with the following receipt of prior written approval determination of no supervisory objection from the Assistant Deputy Comptroller.
(45) Upon completionPrior to adoption by the Board, a copy of the Bank's capital program written Capital Plan 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 programprior written determination of no supervisory objection. The Board shall review and update the Bank's capital program on an annual basis, or written Capital Plan at least annually and more frequently if necessaryrequired by the Assistant Deputy Comptroller in writing. Copies of Revisions to the reviews and updates Bank's written Capital Plan shall be submitted to the Assistant Deputy Comptroller for a prior written determination of no supervisory objection. At the next Board meeting following receipt of the Assistant Deputy Comptroller.
(5) The 's written determination of no supervisory objection, the Board shall ensure that adopt and the Bank has processes, personnel, (subject to Board review and control systems to ongoing monitoring) shall implement and thereafter ensure implementation of and adherence to the program developed pursuant to this Articlewritten Capital Plan and any amendments or revisions thereto.
Appears in 1 contract
Samples: Banking Agreement
