Common use of PROFIT PLAN Clause in Contracts

PROFIT PLAN. (1) Within ninety (90) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a written profit plan to improve and sustain the earnings of the Bank. This plan shall include, at a minimum, the following elements: (a) identification of the major areas in and by means which the Board will seek to improve the Bank's operating performance; (b) realistic and comprehensive budgets, including projected balance sheets and year-end income statements; (c) a budget review process to monitor both the Bank's income and expenses, and to compare actual figures with budgetary projections; (d) a description of the operating assumptions that form the basis for major projected income and expense components; and (e) expansion of the bank's branch profitability analysis to include comparisons to initial and ongoing profit goals. (2) The budgets and related documents require in paragraph (b) above for 2009 shall be submitted to the Assistant Deputy Comptroller upon completion. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph (b) above for each year this Agreement remains in effect. The budget for each year shall be submitted on or before December 31 of the preceding year. (3) The Board shall forward comparisons of its balance sheet and profit and loss statement to the profit plan projections to the Assistant Deputy Comptroller on a quarterly basis. (4) The Board shall ensure that the Bank has satisfactory processes, personnel, and control systems to ensure implementation of and adherence to the plan developed pursuant to this Article.

PROFIT PLAN. (1) Within ninety (90) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a written profit plan to improve and sustain the earnings of the Bank. This plan shall include, at a minimum, the following elements: (a) identification of the major areas in and means by means which the Board will seek to improve the Bank's operating performance; (b) realistic and comprehensive budgets, including projected balance sheets and year-end income statements; (c) a budget review process to monitor both the Bank's income and expenses, and to compare actual figures with budgetary projections; (d) a description of the operating assumptions that form the basis for major projected income and expense components; (e) an identification of the Bank’s present and future product lines (assets and liabilities) that will be utilized to accomplish the strategic goals and objectives established in paragraph (1) of this Article; and (ef) expansion an evaluation of the bank's branch profitability analysis Bank’s internal operations, staffing requirements, board and management information systems and policies and procedures for their adequacy and contribution to include comparisons to initial the accomplishment of the goals and ongoing profit goalsobjectives developed under paragraph (1) of this Article. (2) The budgets and related documents require required in paragraph (b1) above for 2009 2006 shall be submitted to the Assistant Deputy Comptroller upon completion. The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph (b1) above for each year this Agreement remains in effect. The budget for each year shall be submitted on or before December 31 November 30, of the preceding year. (3) The Board shall forward comparisons of its balance sheet and profit and loss statement to the profit plan projections to the Assistant Deputy Comptroller on a quarterly basis. (4) The Board shall ensure that the Bank has satisfactory processes, personnel, and control systems to ensure implementation of and adherence to the plan developed pursuant to this Article.

PROFIT PLAN. (1) Within ninety (90) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a written profit plan to improve and sustain the earnings of the Bank. This plan shall include, at a minimum, the following elements: (a) identification of the major areas in and means by means which the Board will seek to improve the Bank's operating performance;; and (b) a description of the operating assumptions that form the basis for major projected income and expense components, including written assumptions of how your actions will increase profitability. (2) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the plan developed pursuant to this Article. (3) The Board shall also ensure maintenance of: (a) realistic and comprehensive budgets, including projected balance sheets and year-end income statements;statements that incorporate the activities and actions to improve the bank’s profitability; and (cb) a budget review process to monitor both the Bank's income and expenses, and to compare actual figures with budgetary projections; (d) a description of the operating assumptions that form the basis for major projected income and expense components; and (e) expansion of the bank's branch profitability analysis to include comparisons to initial and ongoing profit goals. (24) The budgets and related documents require required in paragraph Paragraphs (b1) above for 2009 and (3) of this Article shall be submitted to the Assistant Deputy Comptroller upon completion. . (5) The Board shall submit to the Assistant Deputy Comptroller annual budgets as described in paragraph Paragraphs (b1) above and (3) of this Article for each year this Agreement remains in effect. The budget for each year shall be submitted , on or before December 31 November 30, of the preceding year. (36) The Board shall forward comparisons of its balance sheet and profit and loss statement to the profit plan projections to the Assistant Deputy Comptroller on a quarterly basis. (4) The Board shall ensure that the Bank has satisfactory processes, personnel, and control systems to ensure implementation of and adherence to the plan developed pursuant to this Article.