REPRESENTATIONS AND WARRANTIES OF FC BANCORP. AND FC BANK 18 Section 2.01 Standard 18 Section 2.02 Organization 19 Section 2.03 Capitalization 20 Section 2.04 Authority; No Violation 21 Section 2.05 Deposit Liabilities 22 Section 2.06 Consents 23 Section 2.07 Regulatory Reports; Financial Statements; Undisclosed Liabilities 24 Section 2.08 Taxes 26 Section 2.09 No Material Adverse Effect 27 Section 2.10 Contracts 27 Section 2.11 Ownership of Property; Insurance Coverage 29 Section 2.12 Legal Proceedings 30 Section 2.13 Compliance with Applicable Law 31 Section 2.14 Employee and Director Benefit Plans 32 Section 2.15 Labor Matters 34 Section 2.16 Brokers, Finders and Financial Advisors 35 Section 2.17 Environmental Matters 35 Section 2.18 Allowance for Loan Losses 36 Section 2.19 Related Party Transactions 37 Section 2.20 Loans 37 Section 2.21 FC Bancorp Information 39 Section 2.22 “Well Capitalized” 39 Section 2.23 Investment Securities 40 Section 2.24 Equity Plans and Agreements 40 Section 2.25 Tax Matters 40 Section 2.26 Fairness Opinion 40 Section 2.27 Intellectual Property 40 Section 2.28 Trust Accounts 41 Section 2.29 State Takeover Statutes 41 Section 2.30 Bank Secrecy Act, Foreign Corrupt Practices Act and U.S.A. PATRIOT Act 42 Section 2.31 Quality of Representations 42 ARTICLE III REPRESENTATIONS AND WARRANTIES OF ACNB AND ACNB BANK 42 Section 3.01 Standard 43 Section 3.02 Organization 43 Section 3.03 Capitalization 44 Section 3.04 Authority; No Violation 45 Section 3.05 Consents 46
