NET WORTH OF FIRST STATE BANK Sample Clauses

NET WORTH OF FIRST STATE BANK. The net worth of First State Bank, calculated in accordance with regulatory requirements of the Texas Department of Banking, shall be not less than the sum of $62,000,000, increased by $700,000 per month for each month elapsed during the period from March 31, 1996, until the date of closing. In the event that the Closing is not consummated prior to April 1, 1996, and provided that the net worth of First State Bank (calculated in accordance with regulatory requirements of the Texas Department of Banking) is not less than $62,000,000 as of March 31, 1996, First State Bank shall be permitted to pay dividends to its shareholders prior to Closing in an amount up to an aggregate of 60% of the net income of First State Bank from April 1, 1996, to the end of the month next preceding the date of Closing.
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