STRATEGIC PLAN. (1) Within ninety (90) days, the Board shall review and revise as necessary the written Strategic Plan for the Bank covering at least a three-year period. The Strategic Plan shall establish objectives for the Bank's overall risk profile, earnings performance, growth, balance sheet mix, off- balance sheet activities, liability structure, capital adequacy, reduction in the volume of nonperforming assets, product line development, and market segments that the Bank intends to promote or develop, together with strategies to achieve those objectives, and shall, at a minimum, include: (a) a mission statement that forms the framework for the establishment of strategic goals and objectives; (b) a description of the Bank's targeted market(s) and an assessment of the current and projected risks and competitive factors in its identified target market(s); (c) the strategic goals and objectives to be accomplished; (d) specific actions to improve Bank earnings and accomplish the identified strategic goals and objectives; (e) identification of Bank personnel to be responsible and accountable for achieving each goal and objective of the Strategic Plan, including specific time frames; (f) a financial forecast, to include projections for major balance sheet and income statement accounts, targeted financial ratios, and growth projections over the period covered by the Strategic Plan; (g) a description of the assumptions used to determine financial projections and growth targets; (h) an identification and risk assessment of the Bank's present and planned future product lines (assets and liabilities) that will be utilized to accomplish the strategic goals and objectives established in the Strategic Plan, with the requirement that the risk assessment of new product lines must be completed prior to the offering of such product lines; (i) specific plans for the maintenance of adequate capital including projections of the sources and timing of additional capital to meet the Bank's future needs; (j) a description of control systems to mitigate risks associated with planned new products, growth, or any proposed changes in the Bank's markets; (k) an evaluation of the Bank's internal operations, staffing requirements, board and management information systems, and policies and procedures for their adequacy and contribution to the accomplishment of the goals and objectives established in the Strategic Plan; (l) a management employment and succession program to promote the retention and continuity of capable management; (m) assigned responsibilities and accountability for the strategic planning process, new products, growth goals, and proposed changes in the Bank's operating environment; and (n) a description of systems to monitor the Bank's progress in meeting the Strategic Plan's goals and objectives. (2) Prior to adoption, a copy of the Strategic Plan shall be forwarded to the Director for review and prior written determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the Director, the Bank shall implement and adhere to the Strategic Plan. (3) At least quarterly, the Board shall prepare a written evaluation of the Bank's actual performance against the Strategic Plan, which includes a written explanation of any significant differences between actual and projected balance sheets, income statements, and expense accounts, including descriptions of extraordinary and/or nonrecurring items, and shall include a description of the actions the Board will require the Bank to take to address any shortcomings. Within ten (10) days of completing its evaluation, the Board shall submit a copy to the Director. (4) The Bank may not initiate any action that deviates significantly from the Board- approved Strategic Plan without a written determination of no supervisory objection from the Director. The Board must give the Director advance, written notice of its intent to deviate significantly from the Strategic Plan, along with an assessment of the impact of such change on the Bank's condition, including a profitability analysis and an evaluation of the adequacy of the Bank's organizational structure, staffing, management information systems, internal controls, and written policies and procedures to identify, measure, monitor, and control the risks associated with the change in the Strategic Plan.
Appears in 1 contract
Samples: Banking Agreement
STRATEGIC PLAN. (1) Within ninety one hundred twenty (90120) daysdays of the date of this Agreement, the Board shall review develop, approve, and revise as necessary forward to the Assistant Deputy Comptroller, pursuant to paragraph
(4) of this Article, its written Strategic Plan for the Bank covering at least a three-three (3) year period. The Strategic Plan shall establish include objectives for the Bank's ’s overall risk profile, earnings performance, growth, balance sheet mix, off- off-balance sheet activities, liability structure, capital and liquidity adequacy, reduction in the volume of nonperforming assets, product line developmentsound risk management practices, and market segments that the Bank intends to promote or developadequate staffing, together with strategies to achieve those objectives, and shallobjectives and, at a minimum, include:
(a) a mission statement and risk appetite statements that forms form the framework for the establishment of strategic goals, objectives, and risk tolerances;
(b) an assessment of the Bank’s present and future operating environment;
(c) an assessment of strengths, weaknesses, opportunities, and threats that impact strategic goals and objectives;
(b) a description of the Bank's targeted market(s) and an assessment of the current and projected risks and competitive factors in its identified target market(s);
(cd) the strategic goals and objectives to be accomplished;
(d) specific actions to improve Bank earnings accomplished over the short- and accomplish the identified strategic goals long-term, including key financial indicators and objectivesrisk tolerances;
(e) identification of Bank personnel to be responsible and accountable for achieving each goal and objective of the Strategic Plan, including specific time frames;
(f) a financial forecast, to include projections for major balance sheet and income statement accounts, targeted financial ratios, and growth projections over the period covered by the Strategic Plan;
(g) a description of the assumptions used to determine financial projections and growth targets;
(h) an identification and risk assessment of the Bank's present and planned future product lines (assets and liabilities) that will be utilized to accomplish the strategic goals and objectives established in the Strategic Plan, with the requirement that the risk assessment of new product lines must be completed prior to the offering of such product lines;
(i) specific plans for the maintenance of adequate capital including projections of the sources and timing of additional capital to meet the Bank's future needs;
(j) a description of control systems to mitigate risks associated with planned new products, growth, or any proposed changes in the Bank's markets;
(k) an evaluation of the Bank's ’s internal operations, staffing requirements, board Board and management information systems, systems and policies and procedures for their adequacy and contribution to the accomplishment of the goals and objectives established in developed under (1)(d) of this Article;
(f) an identification and prioritization of initiatives and opportunities, including timeframes that take into account the requirements of this Agreement;
(g) product line development and market segments that the Bank intends to promote or develop;
(h) the identification of appropriate risk management systems to identify, measure, monitor, and control risks (including, but not limited to compliance, operations, information technology and personnel), that are consistent with safe and sound banking practices within the Bank’s present and planned products and services;
(i) an action plan to improve and sustain bank earnings and accomplish identified strategic goals and objectives, including individual responsibilities, accountability and specific time frames;
(j) a realistic and comprehensive budget, to include quarterly projections for major balance sheet and income statement accounts and desired financial ratios over the period covered by the Strategic Plan, that corresponds to the Strategic Plan’s goals and objectives;
(k) provisions for injections of equity capital, as necessary;
(l) a management employment documented assumptions surrounding financial projections, including asset growth, funding needs, capital requirements, operating and succession program to promote the retention provision expenses, and continuity of capable managementnon-interest income;
(m) documented loan and deposit pricing guidelines;
(n) assigned responsibilities and accountability for the strategic planning process, new products, growth goals, and or proposed changes in the Bank's ’s operating environment;
(o) a description of the systems and metrics to monitor the Bank’s progress in meeting the plan’s goals and objectives; and
(np) a description of the processes in place to ensure the Bank has sufficient and adequate processes, personnel and control systems to monitor the Bank's progress in meeting the Strategic Plan's goals and objectives.
(2) Prior to adoption, a copy of the Strategic Plan shall be forwarded to the Director for review and prior written determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the Director, the Bank shall effectively implement and adhere to the Strategic Plan., adequately support the Bank’s risk profile, maintain compliance with applicable regulatory capital requirements, comply with this Agreement, and maintain appropriate levels of liquidity;
(32) At least quarterly, the Board shall prepare a written evaluation of the Bank's actual ’s performance against the Strategic Plan, which includes a written explanation of any significant differences between actual and projected balance sheets, income statements, and expense accounts, including descriptions of extraordinary and/or nonrecurring items, Plan and shall include a description of the actions the Board will require the Bank to take to address any shortcomings, which shall be documented in the Board meeting minutes. Within ten thirty (1030) days of completing its written evaluation, the Board shall submit a copy of the evaluation to the DirectorAssistant Deputy Comptroller.
(3) The Board shall review and revise the Strategic Plan at least annually, by no later than December 31st each year, and more frequently if necessary or if required by the Assistant Deputy Comptroller in writing, to cover at least the next three year period.
(4) The Bank may not initiate Prior to adoption by the Board, a copy of the Strategic Plan, and any action that deviates significantly from subsequent amendments, revisions, or updates, shall be submitted to the Board- approved Assistant Deputy Comptroller for review and a prior written determination of no supervisory objection. At the next Board meeting following receipt of the Assistant Deputy Comptroller’s written determination of no supervisory objection to the initial or revised Strategic Plan, the Board shall adopt and the Bank, subject to Board review and ongoing monitoring, shall immediately implement and thereafter ensure adherence to the Strategic Plan without and any amendments, revisions, or updates thereto.
(5) Until the Strategic Plan required under this Article has been submitted by the Bank for OCC review, has received a written determination of no supervisory objection from the Director. The Board must give OCC, and has been adopted by the Director advanceBoard, written notice of its intent to the Bank shall not significantly deviate significantly from the products, services, asset composition and size, funding sources, structure, operations, policies, procedures, and markets of the Bank that existed before the later of (i) execution of this Agreement or (ii) the most recent Strategic PlanPlan required under this Article that has been submitted by the Bank for OCC review, along with has received a written determination of no supervisory objection from the OCC, and has been adopted by the Board without first obtaining the OCC’s prior written determination of no supervisory objection to such significant deviation. Any request to the OCC for prior written determination of no supervisory objection to a significant deviation must be submitted in writing to the Assistant Deputy Comptroller thirty (30) days in advance of the significant deviation and shall include:
(a) an assessment of the impact of such change on the Bank's condition, including a profitability analysis and an evaluation of the adequacy of the Bank's ’s management, staffing levels, organizational structure, staffingfinancial condition, capital adequacy, funding sources, management information systems, internal controls, and written policies and procedures with respect to the proposed significant deviation; and
(b) the Bank’s evaluation of its capability to identify, measure, monitor, and control the risks associated with the change in proposed significant deviation.
(6) The Board shall ensure that the Strategic PlanBank has processes, personnel, and control systems to ensure implementation of and adherence to the plan developed pursuant to this Article.
Appears in 1 contract
Samples: Banking Agreement
STRATEGIC PLAN. (1) Within ninety one hundred twenty (90120) days, the Board shall review adopt, implement, and revise as necessary the thereafter ensure Bank adherence to a written Strategic Plan strategic plan for the Bank covering at least a three-year period. The Strategic Plan strategic plan shall establish objectives for the Bank's overall risk profile, earnings performance, growthgrowth limitations, balance sheet mix, off- off-balance sheet activities, liability structure, capital adequacy, reduction in the volume of nonperforming assets, product line development, development and market segments that the Bank intends to promote or develop, together with strategies to achieve those objectives, and shallobjectives and, at a minimum, include:
(a) a mission statement that forms the framework for the establishment of strategic goals and objectives;
(b) a description of the Bank's targeted market(s) and an assessment of the current and projected risks and competitive factors in its identified target market(s);
(c) the strategic goals and objectives to be accomplished;
(d) specific actions to improve Bank earnings and accomplish the identified strategic goals and objectives;
(e) identification of Bank personnel to be responsible and accountable for achieving each goal and objective of the Strategic Plan, including specific time frames;
(f) a financial forecast, to include projections for major balance sheet and income statement accounts, targeted financial ratios, and growth projections over the period covered by the Strategic Plan;
(g) a description of the assumptions used to determine financial projections and growth targets;
(h) an identification and risk assessment of the Bank's present and planned future operating environment;
(c) the development of strategic goals and objectives to be accomplished over the short and long term;
(d) 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 (1 )(c) of this Article;
(e) an evaluation of the Strategic PlanBank's internal operations, with staffing requirements, board and management information systems and policies and procedures for their adequacy and contribution to the requirement accomplishment of the goals and objectives developed under (1)(c) of this Article;
(f) a management employment and succession program to promote the retention and continuity of capable management;
(g) product line development and market segments that the risk assessment of new product lines must be completed prior Bank intends to the offering of such product linespromote or develop;
(h) an action plan to improve bank earnings and accomplish identified strategic goals and objectives, including individual responsibilities, accountability and specific time frames;
(i) specific plans a financial forecast to include projections for major balance sheet and income statement accounts and desired financial ratios over the maintenance of adequate capital including projections of period covered by the sources and timing of additional capital to meet the Bank's future needsstrategic plan;
(j) a description of control systems to mitigate risks associated with planned new products, growth, or any proposed changes in the Bank's markets’s operating environment;
(k) an evaluation of the Bank's internal operations, staffing requirements, board and management information systems, and policies and procedures for their adequacy and contribution specific plans to the accomplishment of the goals and objectives established in the Strategic Plan;
(l) a management employment and succession program to promote the retention and continuity of capable management;
(m) assigned establish responsibilities and accountability for the strategic planning process, new products, growth goals, and or proposed changes in the Bank's ’s operating environment; and
(nl) a description of systems to monitor the Bank's ’s progress in meeting the Strategic Plan's plan’s goals and objectives.
(2) Prior to Upon adoption, a copy of the Strategic Plan plan shall be forwarded to the Director Assistant Deputy Comptroller for review and prior written determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the DirectorAssistant Deputy Comptroller, the Bank shall implement and adhere to the Strategic Planstrategic plan.
(3) At least quarterly, the The Board shall prepare a written evaluation of the Bank's actual performance against the Strategic Plan, which includes a written explanation of any significant differences between actual and projected balance sheets, income statements, and expense accounts, including descriptions of extraordinary and/or nonrecurring items, and shall include a description of the actions the Board will require ensure that the Bank to take to address any shortcomings. Within ten (10) days of completing its evaluationhas processes, the Board shall submit a copy to the Director.
(4) The Bank may not initiate any action that deviates significantly from the Board- approved Strategic Plan without a written determination of no supervisory objection from the Director. The Board must give the Director advance, written notice of its intent to deviate significantly from the Strategic Plan, along with an assessment of the impact of such change on the Bank's condition, including a profitability analysis and an evaluation of the adequacy of the Bank's organizational structure, staffing, management information systems, internal controls, and written policies and procedures to identify, measure, monitorpersonnel, and control systems to ensure implementation of and adherence to the risks associated with the change in the Strategic Planplan developed pursuant to this Article.
Appears in 1 contract
Samples: Banking Agreement
STRATEGIC PLAN. (1) Within ninety sixty (9060) days, the Board shall review and revise as necessary the necessary, and thereafter ensure Bank adherence to its written Strategic Plan for the Bank covering at least a three-year period. The Strategic Plan shall establish objectives for the Bank's overall risk profile, earnings performance, growth, balance sheet mix, off- off-balance sheet activities, liability structure, capital adequacy, reduction in the volume of nonperforming assets, product line development, and market segments that the Bank intends to promote or develop, together with strategies to achieve those objectives, and shall, at a minimum, include:
(a) a mission statement that forms the framework for the establishment of strategic goals and objectives;
(b) a description of the Bank's targeted market(s) and an assessment of the current and projected risks and competitive factors in its identified target market(s);
(c) the strategic goals and objectives to be accomplished;
(dc) specific actions to improve Bank earnings and accomplish the identified strategic goals and objectives;
(ed) identification of Bank personnel to be responsible and accountable for achieving each goal and objective of the Strategic Plan, including specific time framestimeframes;
(fe) a financial forecast, to include projections for major balance sheet and income statement accounts, targeted financial ratios, and growth projections over the period covered by the Strategic Plan;
(gf) a description of the assumptions used to determine financial projections and growth targets;
(h) an identification and risk assessment of the Bank's present and planned future product lines (assets and liabilities) that will be utilized to accomplish the strategic goals and objectives established in the Strategic Plan, with the requirement that the risk assessment of new product lines must be completed prior to the offering of such product lines;
(i) specific plans for the maintenance of adequate capital including projections of the sources and timing of additional capital to meet the Bank's future needs;
(j) a description of control systems to mitigate risks associated with planned new products, growth, or any proposed changes in the Bank's markets;
(k) an evaluation of the Bank's internal operations, staffing requirements, board and management information systems, and policies and procedures for their adequacy and contribution to the accomplishment of the goals and objectives established in the Strategic Plan;
(lg) a management employment and succession program to promote the retention and continuity of capable management;
(m) assigned responsibilities and accountability for the strategic planning process, new products, growth goals, and proposed changes in the Bank's operating environment; and
(nh) a description of systems to monitor the Bank's progress in meeting the Strategic Plan's goals and objectives.
(2) Prior to adoption, a copy of the Strategic Plan shall be forwarded to the Director for review and prior written determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the DirectorAt least quarterly, the Board shall review financial reports and earnings analyses prepared by the Bank shall implement that evaluate the Bank's performance against the goals and adhere to objectives established in the Strategic Plan., as well as the Bank's written explanation of significant differences between actual and projected balance sheet, income statement, and expense accounts, including descriptions
(3) At least quarterly, the Board shall prepare a written evaluation of the Bank's actual performance against the Strategic Plan, which includes a based on the Bank's monthly reports, analyses, and written explanation explanations of any significant differences between actual performance and projected balance sheets, income statements, the Bank's strategic goals and expense accounts, including descriptions of extraordinary and/or nonrecurring itemsobjectives, and shall include a description of the actions the Board will require the Bank to take to address any shortcomings, which shall be documented in the Board meeting minutes. Within ten (10) days of completing its evaluation, the The Board shall submit a copy of the evaluation and Board minutes to the DirectorAssistant Deputy Comptroller.
(4) The Bank may not initiate Prior to adoption by the Board, a copy of the Strategic Plan, and any action that deviates significantly from subsequent amendments or revisions, shall be forwarded to the Board- approved Strategic Plan without Assistant Deputy Comptroller for a prior written determination of no supervisory objection. Upon receiving a written determination of no supervisory objection from the Director. The Assistant Deputy Comptroller, the Board must give shall adopt and the Director advance, written notice of its intent Bank shall immediately implement and adhere to deviate significantly from the Strategic Plan, along with an assessment of the impact of such change on the Bank's condition, including a profitability analysis and an evaluation of the adequacy of the Bank's organizational structure, staffing, management information systems, internal controls, and written policies and procedures to identify, measure, monitor, and control the risks associated with the change in the Strategic Plan.. ARTICLE V
Appears in 1 contract
Samples: Banking Agreement (CNB Corp /Sc/)
STRATEGIC PLAN. (1) Within ninety one hundred-eighty (90180) days, the Board shall review adopt, implement, and revise as necessary the thereafter ensure Bank adherence to a written Strategic Plan strategic plan for the Bank covering at least a three-year period. The Strategic Plan strategic plan shall establish objectives for the Bank's overall risk profile, earnings performance, growth, balance sheet mix, off- off-balance sheet activities, liability structure, capital adequacy, reduction in the volume of nonperforming assets, product line development, development and market segments that the Bank intends to promote or develop, together with strategies to achieve those objectives, and shallobjectives and, at a minimum, include:
(a) a mission statement that forms the framework for the establishment of strategic goals and objectives;
(b) a description of the Bank's targeted market(s) and an assessment of the current and projected risks and competitive factors in its identified target market(s);
(c) the strategic goals and objectives to be accomplished;
(d) specific actions to improve Bank earnings and accomplish the identified strategic goals and objectives;
(e) identification of Bank personnel to be responsible and accountable for achieving each goal and objective of the Strategic Plan, including specific time frames;
(f) a financial forecast, to include projections for major balance sheet and income statement accounts, targeted financial ratios, and growth projections over the period covered by the Strategic Plan;
(g) a description of the assumptions used to determine financial projections and growth targets;
(h) an identification and risk assessment of the Bank's present and planned future operating environment;
(c) the development of strategic goals and objectives to be accomplished over the short and long term;
(d) 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 (1)(c) of this Article;
(e) an evaluation of the Strategic PlanBank's internal operations, with staffing requirements, board and management information systems and policies and procedures for their adequacy and contribution to the requirement accomplishment of the goals and objectives developed under (1)(c) of this Article;
(f) a management employment and succession program to promote the retention and continuity of capable management;
(g) product line development and market segments that the risk assessment of new product lines must be completed prior Bank intends to the offering of such product linespromote or develop;
(h) an action plan to improve bank earnings and accomplish identified strategic goals and objectives, including individual responsibilities, accountability and specific time frames;
(i) specific plans a financial forecast to include projections for major balance sheet and income statement accounts and desired financial ratios over the maintenance of adequate capital including projections of period covered by the sources and timing of additional capital to meet the Bank's future needsstrategic plan;
(j) a description of control systems to mitigate risks associated with planned new products, growth, or any proposed changes in the Bank's markets’s operating environment;
(k) an evaluation of the Bank's internal operations, staffing requirements, board and management information systems, and policies and procedures for their adequacy and contribution specific plans to the accomplishment of the goals and objectives established in the Strategic Plan;
(l) a management employment and succession program to promote the retention and continuity of capable management;
(m) assigned establish responsibilities and accountability for the strategic planning process, new products, growth goals, and or proposed changes in the Bank's ’s operating environment; and
(nl) a description of systems to monitor the Bank's ’s progress in meeting the Strategic Plan's plan’s goals and objectives.
(2) Prior to Upon adoption, a copy of the Strategic Plan plan shall be forwarded to the Director Assistant Deputy Comptroller for review and prior written determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the Director, the Bank shall implement and adhere to the Strategic Plan.
(3) At least quarterly, the The Board shall prepare a written evaluation of the Bank's actual performance against the Strategic Plan, which includes a written explanation of any significant differences between actual and projected balance sheets, income statements, and expense accounts, including descriptions of extraordinary and/or nonrecurring items, and shall include a description of the actions the Board will require ensure that the Bank to take to address any shortcomings. Within ten (10) days of completing its evaluationhas processes, the Board shall submit a copy to the Director.
(4) The Bank may not initiate any action that deviates significantly from the Board- approved Strategic Plan without a written determination of no supervisory objection from the Director. The Board must give the Director advance, written notice of its intent to deviate significantly from the Strategic Plan, along with an assessment of the impact of such change on the Bank's condition, including a profitability analysis and an evaluation of the adequacy of the Bank's organizational structure, staffing, management information systems, internal controls, and written policies and procedures to identify, measure, monitorpersonnel, and control systems to ensure implementation of and adherence to the risks associated with the change in the Strategic Planplan developed pursuant to this Article.
Appears in 1 contract
Samples: Banking Agreement
STRATEGIC PLAN. (1) Within ninety sixty (9060) days, the Board shall review adopt, implement, and revise as necessary the thereafter ensure Bank adherence to a written Strategic Plan strategic plan for the Bank covering at least a three-year period. The Strategic Plan strategic plan shall establish objectives for the Bank's ’s overall risk profile, earnings performance, growth, balance sheet mix, off- off-balance sheet activities, liability structure, capital adequacy, reduction in the volume of nonperforming assets, product line development, development and market segments that the Bank intends to promote or develop, together with strategies to achieve those objectives, and shallobjectives and, at a minimum, include:
(a) a mission statement that forms the framework for the establishment of strategic goals and objectives;
(b) a description of the Bank's targeted market(s) and an assessment of the current Bank’s present and projected risks and competitive factors in its identified target market(s)future operating environment;
(c) the development of strategic goals and objectives to be accomplishedaccomplished over the short and long term;
(d) specific actions to improve Bank earnings and accomplish the identified strategic goals and objectives;
(e) identification of Bank personnel to be responsible and accountable for achieving each goal and objective of the Strategic Plan, including specific time frames;
(f) a financial forecast, to include projections for major balance sheet and income statement accounts, targeted financial ratios, and growth projections over the period covered by the Strategic Plan;
(g) a description of the assumptions used to determine financial projections and growth targets;
(h) an identification and risk assessment of the Bank's ’s present and planned future product lines (assets and liabilities) and market segments that will be utilized to accomplish the strategic goals and objectives established in Paragraph (1)(c) of this Article;
(e) identification and implementation of risk management practices such as staffing, policies, procedures, controls and monitoring that are needed to meet strategic objectives while operating the Strategic PlanBank in a safe and sound condition;
(f) an evaluation of the Bank’s internal operations, with the requirement that the risk assessment of new product lines must be completed prior staffing requirements, board and management information systems and policies and procedures for their adequacy and contribution to the offering accomplishment of such product linesthe goals and objectives developed under Paragraph (1)(c) of this Article;
(g) a management employment and succession program to promote the retention and continuity of capable management;
(h) goals and strategies to improve the Bank’s earnings as required by Article VII of this Agreement, including individual responsibilities, accountability and specific time frames;
(i) specific plans a financial forecast to include projections for major balance sheet and income statement accounts and desired financial ratios, including brokered deposit reliance, growth projections, and wealth management-related activities, over the maintenance of adequate capital including projections of period covered by the sources and timing of additional capital to meet the Bank's future needsstrategic plan;
(j) a description of control systems to mitigate risks associated with planned new products, growth, or any proposed changes in the Bank's markets’s operating environment;
(k) an evaluation of the Bank's internal operations, staffing requirements, board and management information systems, and policies and procedures for their adequacy and contribution specific plans to the accomplishment of the goals and objectives established in the Strategic Plan;
(l) a management employment and succession program to promote the retention and continuity of capable management;
(m) assigned establish responsibilities and accountability for the strategic planning process, new products, growth goals, and or proposed changes in the Bank's ’s operating environment;
(l) specific plans to effectively limit, manage, monitor, and control funding concentrations;
(m) systems to monitor the Bank’s progress in meeting the plan’s goals and objectives; and
(n) a description of systems provide for review and approval by the Board, at least annually, to monitor the Bank's progress in meeting the Strategic Plan's ensure that practices and performance are reasonable and within established goals and objectivesrisk tolerances.
(2) Prior to Upon adoption, a copy of the Strategic Plan plan shall be forwarded to the Director Assistant Deputy Comptroller for review and prior written determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the DirectorAssistant Deputy Comptroller, the Bank shall implement and adhere to the Strategic Planstrategic plan.
(3) At least quarterly, the Board shall prepare a written evaluation of the Bank's actual performance against the Strategic Plan, which includes a written explanation of any significant differences between actual and projected balance sheets, income statements, and expense accounts, including descriptions of extraordinary and/or nonrecurring items, and shall include a description of the actions the Board will require the Bank to take to address any shortcomings. Within ten (10) days of completing its evaluation, the Board shall submit a copy to the Director.
(4) The Bank may not initiate any action that deviates significantly from the Board- approved Strategic Plan without a written determination of no supervisory objection from the Director. The Board must give the Director advance, written notice of its intent to deviate significantly from the Strategic Plan, along with an assessment of the impact of such change on the Bank's condition, including a profitability analysis and an evaluation of the adequacy of the Bank's organizational structure, staffing, management information systems, internal controls, and written policies and procedures to identify, measure, monitor, and control the risks associated with the change in the Strategic Plan.
Appears in 1 contract
Samples: Banking Agreement
STRATEGIC PLAN. (1) Within ninety sixty (9060) days, the Board shall review and revise as necessary the necessary, and thereafter ensure Bank adherence to its written Strategic Plan for the Bank covering at least a three-year period. The Strategic Plan shall establish objectives for the Bank's overall risk profile, earnings performance, growth, balance sheet mix, off- off-balance sheet activities, liability structure, capital adequacy, reduction in the volume of nonperforming assets, product line development, and market segments that the Bank intends to promote or develop, together with strategies to achieve those objectives, and shall, at a minimum, include:
(a) a mission statement that forms the framework for the establishment of strategic goals and objectives;
(b) a description of the Bank's targeted market(s) and an assessment of the current and projected risks and competitive factors in its identified target market(s);
(c) the strategic goals and objectives to be accomplished;
(dc) specific actions to improve Bank earnings and accomplish the identified strategic goals and objectives;
(ed) identification of Bank personnel to be responsible and accountable for achieving each goal and objective of the Strategic Plan, including specific time framestimeframes;
(fe) a financial forecast, to include projections for major balance sheet and income statement accounts, targeted financial ratios, and growth projections over the period covered by the Strategic Plan;
(gf) a description of the assumptions used to determine financial projections and growth targets;
(h) an identification and risk assessment of the Bank's present and planned future product lines (assets and liabilities) that will be utilized to accomplish the strategic goals and objectives established in the Strategic Plan, with the requirement that the risk assessment of new product lines must be completed prior to the offering of such product lines;
(i) specific plans for the maintenance of adequate capital including projections of the sources and timing of additional capital to meet the Bank's future needs;
(j) a description of control systems to mitigate risks associated with planned new products, growth, or any proposed changes in the Bank's markets;
(k) an evaluation of the Bank's internal operations, staffing requirements, board and management information systems, and policies and procedures for their adequacy and contribution to the accomplishment of the goals and objectives established in the Strategic Plan;
(lg) a management employment and succession program to promote the retention and continuity of capable management;
(m) assigned responsibilities and accountability for the strategic planning process, new products, growth goals, and proposed changes in the Bank's operating environment; and
(nh) a description of systems to monitor the Bank's progress in meeting the Strategic Plan's goals and objectives.
(2) Prior to adoptionAt least quarterly, the Board shall review financial reports and earnings analyses prepared by the Bank that evaluate the Bank's performance against the goals and objectives established in the Strategic Plan, as well as the Bank's written explanation of significant differences between actual and projected balance sheet, income statement, and expense accounts, including descriptions of extraordinary and/or nonrecurring items. The Bank shall submit a copy of the Strategic Plan shall be forwarded these reports to the Director for review and prior written determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the Director, the Bank shall implement and adhere to the Strategic PlanAssistant Deputy Comptroller upon completion.
(3) At least quarterly, the Board shall prepare a written evaluation of the Bank's actual performance against the Strategic Plan, which includes a based on the Bank's monthly reports, analyses, and written explanation explanations of any significant differences between actual performance and projected balance sheets, income statements, the Bank's strategic goals and expense accounts, including descriptions of extraordinary and/or nonrecurring itemsobjectives, and shall include a description of the actions the Board will require the Bank to take to address any shortcomings, which shall be documented in the Board meeting minutes. Within ten (10) days of completing its evaluation, the The Board shall submit a copy of the evaluation and Board minutes to the DirectorAssistant Deputy Comptroller.
(4) The Bank may not initiate Prior to adoption by the Board, a copy of the Strategic Plan, and any action that deviates significantly from subsequent amendments or revisions, shall be forwarded to the Board- approved Strategic Plan without Assistant Deputy Comptroller for a prior written determination of no supervisory objection. Upon receiving a written determination of no supervisory objection from the Director. The Assistant Deputy Comptroller, the Board must give shall adopt and the Director advance, written notice of its intent Bank shall immediately implement and adhere to deviate significantly from the Strategic Plan, along with an assessment of the impact of such change on the Bank's condition, including a profitability analysis and an evaluation of the adequacy of the Bank's organizational structure, staffing, management information systems, internal controls, and written policies and procedures to identify, measure, monitor, and control the risks associated with the change in the Strategic Plan.
Appears in 1 contract
Samples: Banking Agreement
STRATEGIC PLAN. (1) Within ninety (90) days, the Board shall review revise, implement, and revise as necessary the thereafter ensure Bank adherence to a written Strategic Plan strategic plan for the Bank covering at least a three-year period. The Strategic Plan strategic plan shall establish objectives for the Bank's overall risk profile, earnings performance, growth, balance sheet mix, off- off-balance sheet activities, liability structure, capital adequacy, reduction in the volume of nonperforming assets, product line development, development and market segments that the Bank intends to promote or develop, together with strategies to achieve those objectives, and shallobjectives and, at a minimum, include:
(a) a mission statement that forms the framework for the establishment of strategic goals and objectives;
(b) a description of the Bank's targeted market(s) and an assessment of the current and projected risks and competitive factors in its identified target market(s);
(c) the strategic goals and objectives to be accomplished;
(d) specific actions to improve Bank earnings and accomplish the identified strategic goals and objectives;
(e) identification of Bank personnel to be responsible and accountable for achieving each goal and objective of the Strategic Plan, including specific time frames;
(f) a financial forecast, to include projections for major balance sheet and income statement accounts, targeted financial ratios, and growth projections over the period covered by the Strategic Plan;
(g) a description of the assumptions used to determine financial projections and growth targets;
(h) an identification and risk assessment of the Bank's present and planned future operating environment;
(c) the development of strategic goals and objectives to be accomplished over the short and long term;
(d) 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 (1)(c) of this Article;
(e) an evaluation of the Strategic PlanBank's internal operations, with staffing requirements, board and management information systems and policies and procedures for their adequacy and contribution to the requirement accomplishment of the goals and objectives developed under (1)(c) of this Article;
(f) the development of capital trigger points based on risk upon which the Board will take additional action to maintain appropriate capital ratios;
(g) the primary source(s) from which the Bank will strengthen its capital structure to meet the Bank's needs and contingency plans that identify alternative methods should the primary source(s) not be available;
(h) product line development and market segments that the risk assessment of new product lines must be completed prior Bank intends to the offering of such product linespromote or develop;
(i) an action plan to improve Bank earnings and accomplish identified strategic goals and objectives, including individual responsibilities, accountability and specific plans for the maintenance of adequate capital including projections of the sources and timing of additional capital to meet the Bank's future needstime frames;
(j) a description of financial forecast to include projections for major balance sheet and income statement accounts and desired financial ratios over the period covered by the strategic plan;
(k) control systems to mitigate risks associated with planned new products, growth, or any proposed changes in the Bank's markets;
(k) an evaluation of the Bank's internal operations, staffing requirements, board and management information systems, and policies and procedures for their adequacy and contribution to the accomplishment of the goals and objectives established in the Strategic Plan’s operating environment;
(l) a management employment and succession program specific plans to promote the retention and continuity of capable management;
(m) assigned establish responsibilities and accountability for the strategic planning process, new products, growth goals, and or proposed changes in the Bank's ’s operating environment; and
(nm) a description of systems to monitor the Bank's ’s progress in meeting the Strategic Plan's plan’s goals and objectives.
(2) Prior to Upon adoption, a copy of the Strategic Plan plan shall be forwarded to the Director Assistant Deputy Comptroller for review and prior written determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the DirectorAssistant Deputy Comptroller, the Bank shall implement and adhere to the Strategic Planstrategic plan.
(3) At least quarterly, the The Board shall prepare a written evaluation of review and update the Bank's actual performance against the Strategic Planplan on an annual basis, which includes a written explanation of any significant differences between actual and projected balance sheets, income statements, and expense accounts, including descriptions of extraordinary and/or nonrecurring items, and shall include a description of the actions the Board will require the Bank to take to address any shortcomingsor more frequently if necessary. Within ten (10) days of completing its evaluation, the Board shall submit a copy Any revisions to the Director.
(4) The Bank may not initiate any action that deviates significantly from plan shall be forwarded to the Board- approved Strategic Plan without a Assistant Deputy Comptroller for review and prior written determination of no supervisory objection from the Director. The Board must give the Director advance, written notice of its intent to deviate significantly from the Strategic Plan, along with an assessment of the impact of such change on the Bank's condition, including a profitability analysis and an evaluation of the adequacy of the Bank's organizational structure, staffing, management information systems, internal controls, and written policies and procedures to identify, measure, monitor, and control the risks associated with the change in the Strategic Planobjection.
Appears in 1 contract
Samples: Banking Agreement
STRATEGIC PLAN. (1) Within ninety one hundred twenty (90120) days, the Board shall review adopt, implement, and revise as necessary the thereafter ensure Bank adherence to a written Strategic Plan strategic plan for the Bank covering at least a three-year period. The Strategic Plan strategic plan shall establish objectives for the Bank's overall risk profile, earnings performance, growth, balance sheet mix, off- off-balance sheet activities, liability structure, capital adequacy, reduction in the volume of nonperforming assets, product line development, development and market segments that the Bank intends to promote or develop, together with strategies to achieve those objectives, and shallobjectives and, at a minimum, include:
(a) a mission statement that forms the framework for the establishment of strategic goals and objectives;
(b) a description of the Bank's targeted market(s) and an assessment of the current and projected risks and competitive factors in its identified target market(s);
(c) the strategic goals and objectives to be accomplished;
(d) specific actions to improve Bank earnings and accomplish the identified strategic goals and objectives;
(e) identification of Bank personnel to be responsible and accountable for achieving each goal and objective of the Strategic Plan, including specific time frames;
(f) a financial forecast, to include projections for major balance sheet and income statement accounts, targeted financial ratios, and growth projections over the period covered by the Strategic Plan;
(g) a description of the assumptions used to determine financial projections and growth targets;
(h) an identification and risk assessment of the Bank's present and planned future operating environment;
(c) the development of specific strategic goals and objectives to be accomplished over the short and long term;
(d) 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)(c) of this Article;
(e) an evaluation of the Strategic PlanBank's internal operations, with staffing requirements, board and management information systems and policies and procedures for their adequacy and contribution to the requirement accomplishment of the goals and objectives developed under Paragraph (1)(c) of this Article;
(f) a management employment and succession program to promote the retention and continuity of capable management;
(g) product line development and market segments that the risk assessment of new product lines must be completed prior Bank intends to the offering of such product linespromote or develop;
(h) an action plan to improve bank earnings and accomplish identified strategic goals and objectives, including individual responsibilities, accountability and specific time frames;
(i) specific plans a financial forecast to include projections for major balance sheet and income statement accounts and desired financial ratios over the maintenance of adequate capital including projections of period covered by the sources and timing of additional capital to meet the Bank's future needsstrategic plan;
(j) a description of control systems to mitigate risks associated with planned new products, growth, or any proposed changes in the Bank's markets’s operating environment;
(k) an evaluation of the Bank's internal operations, staffing requirements, board and management information systems, and policies and procedures for their adequacy and contribution specific plans to the accomplishment of the goals and objectives established in the Strategic Plan;
(l) a management employment and succession program to promote the retention and continuity of capable management;
(m) assigned establish responsibilities and accountability for the strategic planning process, new products, growth goals, and or proposed changes in the Bank's ’s operating environment; and
(nl) a description of systems to monitor the Bank's ’s progress in meeting the Strategic Plan's plan’s goals and objectives.
(2) Prior to adoptionadoption of the strategic plan by the Board, a copy of the Strategic Plan shall be forwarded to the Director Assistant Deputy Comptroller for review and prior written determination of no supervisory objection. Upon Immediately upon receiving a determination of no supervisory objection from the Director, the Bank shall implement and adhere to the Strategic Plan.
(3) At least quarterly, the Board shall prepare a written evaluation of the Bank's actual performance against the Strategic Plan, which includes a written explanation of any significant differences between actual and projected balance sheets, income statements, and expense accounts, including descriptions of extraordinary and/or nonrecurring items, and shall include a description of the actions the Board will require the Bank to take to address any shortcomings. Within ten (10) days of completing its evaluation, the Board shall submit a copy to the Director.
(4) The Bank may not initiate any action that deviates significantly from the Board- approved Strategic Plan without a written determination of no supervisory objection from objection, the Director. strategic plan shall be implemented.
(3) The Board Bank must give the Director advanceAssistant Deputy Comptroller, for his review and written determination of no supervisory objection, at least sixty (60) days advance written notice of its intent to deviate significantly from the Strategic Planstrategic plan. Immediately upon receiving a written determination of no supervisory objection to the proposed significant deviation, along with an assessment the deviation to the strategic plan shall be implemented.
(a) For purposes of this Article, changes that may constitute a significant deviation from the strategic plan include, but are not limited to, any significant deviations from marketing strategies, marketing partners, acquisition channels; underwriting practices and standards, account management strategies and test programs; collection strategies, partners or operations; fee structure, pricing, or fee application methods; accounting processes and practices; funding strategy; or any other changes in personnel, operations or external factors that may have a material impact of such change on the Bank's conditionoperations or financial performance.
(b) Prior to making any changes that significantly deviate from the Bank's strategic plan, including a profitability analysis and the Board shall perform an evaluation of the adequacy of the Bank's organizational structure, staffing, management information systems, internal controls, controls and written policies and procedures to identify, measure, monitor, and control the risks associated with the product or service. The evaluation shall include an assessment of the impact of such change on the Bank's condition, including a profitability analysis.
(4) If the OCC determines, in its sole judgment, that the Bank has failed to submit an acceptable strategic plan as required by paragraph (1) of this Article, or has failed to implement or adhere to the Bank’s specific, measurable, and verifiable objectives included in the Strategic Planstrategic plan, for which the OCC has taken no supervisory objection pursuant to paragraph (2) of this Article, or has failed to implement or adhere to the Bank’s deviation to the strategic plan, for which the OCC has taken no supervisory objection pursuant to paragraph (3) of this Article, then within fifteen (15) days of receiving written notice from the OCC of such fact, the Board shall develop and shall submit to the OCC for its review and prior determination of no supervisory objection a revised strategic plan, which shall detail the Bank’s proposal to correct deficiencies resulting in the Bank’s failure and to adhere to the Bank’s strategic plan to which the OCC has taken no supervisory objection.
(a) After the OCC has advised the Bank that it does not take supervisory objection to the revised strategic plan, the Board shall immediately implement, and shall thereafter ensure adherence to, the terms of the revised strategic plan.
(b) Failure to submit a timely, acceptable revised strategic plan may be deemed a violation of this Formal Agreement in the exercise of the OCC’s sole discretion.
(5) 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.
Appears in 1 contract
Samples: Banking Agreement
STRATEGIC PLAN. (1) Within ninety one hundred and eighty (90180) days, the Board shall review adopt, implement, and revise as necessary the thereafter ensure Bank adherence to a written Strategic Plan strategic plan for the Bank covering at least a three-year period. The Strategic Plan strategic plan shall establish objectives for the Bank's overall risk profile, earnings performance, growth, balance sheet mix, off- off-balance sheet activities, liability structure, capital adequacy, reduction in the volume of nonperforming assets, product line development, development and market segments that the Bank intends to promote or develop, together with strategies to achieve those objectives, and shallobjectives and, at a minimum, include:
(a) a mission statement that forms the framework for the establishment of strategic goals and objectives;
(b) a description of the Bank's targeted market(s) and an assessment of the current and projected risks and competitive factors in its identified target market(s);
(c) the strategic goals and objectives to be accomplished;
(d) specific actions to improve Bank earnings and accomplish the identified strategic goals and objectives;
(e) identification of Bank personnel to be responsible and accountable for achieving each goal and objective of the Strategic Plan, including specific time frames;
(f) a financial forecast, to include projections for major balance sheet and income statement accounts, targeted financial ratios, and growth projections over the period covered by the Strategic Plan;
(g) a description of the assumptions used to determine financial projections and growth targets;
(h) an identification and risk assessment of the Bank's present and planned future operating environment;
(c) the development of strategic goals and objectives to be accomplished over the short and long term;
(d) 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 (1 )(c) of this Article;
(e) an evaluation of the Strategic PlanBank's internal operations, with staffing requirements, board and management information systems and policies and procedures for their adequacy and contribution to the requirement accomplishment of the goals and objectives developed under (1)(c) of this Article;
(f) a management employment and succession program to promote the retention and continuity of capable management;
(g) product line development and market segments that the risk assessment of new product lines must be completed prior Bank intends to the offering of such product linespromote or develop;
(h) an action plan to improve bank earnings and accomplish identified strategic goals and objectives, including individual responsibilities, accountability and specific time frames;
(i) specific plans a financial forecast to include projections for major balance sheet and income statement accounts and desired financial ratios over the maintenance of adequate capital including projections of period covered by the sources and timing of additional capital to meet the Bank's future needsstrategic plan;
(j) a description of control systems to mitigate risks associated with planned new products, growth, or any proposed changes in the Bank's markets’s operating environment;
(k) an evaluation of the Bank's internal operations, staffing requirements, board and management information systems, and policies and procedures for their adequacy and contribution specific plans to the accomplishment of the goals and objectives established in the Strategic Plan;
(l) a management employment and succession program to promote the retention and continuity of capable management;
(m) assigned establish responsibilities and accountability for the strategic planning process, new products, growth goals, and or proposed changes in the Bank's ’s operating environment; and
(nl) a description of systems to monitor the Bank's ’s progress in meeting the Strategic Plan's plan’s goals and objectives.
(2) Prior to Upon adoption, a copy of the Strategic Plan plan shall be forwarded to the Director Assistant Deputy Comptroller for review and prior written determination of no supervisory objection. Upon receiving a determination of no After the Assistant Deputy Comptroller has advised the Bank in writing that he does not take supervisory objection from to the Directorstrategic plan, the Bank Board shall implement immediately implement, and adhere to shall thereafter ensure adherence to, the Strategic Planterms of the strategic plan.
(3) At least quarterly, the The Board shall prepare a written evaluation of the Bank's actual performance against the Strategic Plan, which includes a written explanation of any significant differences between actual and projected balance sheets, income statements, and expense accounts, including descriptions of extraordinary and/or nonrecurring items, and shall include a description of the actions the Board will require ensure that the Bank to take to address any shortcomings. Within ten (10) days of completing its evaluationhas processes, the Board shall submit a copy to the Director.
(4) The Bank may not initiate any action that deviates significantly from the Board- approved Strategic Plan without a written determination of no supervisory objection from the Director. The Board must give the Director advance, written notice of its intent to deviate significantly from the Strategic Plan, along with an assessment of the impact of such change on the Bank's condition, including a profitability analysis and an evaluation of the adequacy of the Bank's organizational structure, staffing, management information systems, internal controls, and written policies and procedures to identify, measure, monitorpersonnel, and control systems to ensure implementation of and adherence to the risks associated with the change in the Strategic Planplan developed pursuant to this Article.
Appears in 1 contract
Samples: Banking Agreement
STRATEGIC PLAN. (1) Within ninety (90) days, the Board shall review and revise as necessary forward to the Assistant Deputy Comptroller for his review, pursuant to paragraph (6) of this Article, a written Strategic Plan for the Bank that is acceptable to the Assistant Deputy Comptroller, covering at least a three-year period. At the next Board meeting following receipt of the Assistant Deputy Comptroller’s written determination of no supervisory objection, the Board shall adopt and the Bank (subject to Board review and ongoing monitoring) shall implement and thereafter ensure adherence to the Strategic Plan. The Strategic Plan shall establish objectives for the Bank's overall risk profile, earnings performance, growth, balance sheet mix, off- off-balance sheet activities, liability structure, capital adequacy, reduction in the volume of nonperforming assets, product line development, and market segments that the Bank intends to promote or develop, together with strategies to achieve those objectives, and shall, at a minimum, include:
(a) a mission statement that forms the framework for the establishment of strategic goals and objectives;
(b) a description of the Bank's targeted market(s) and an assessment of the current and projected risks and competitive factors in its identified target market(s);
(c) the strategic goals and objectives to be accomplishedaccomplished and actions to be taken to achieve identified goals and objectives, including specific time frames;
(d) specific actions to improve Bank earnings and accomplish asset quality, to reduce the identified strategic goals level of concentrations of credit and objectivesfunding costs, and to reduce reliance on non-core funding;
(e) identification of Bank personnel to be responsible and accountable for achieving each goal and objective of the Strategic Plan, including specific time frames;
(f) a financial forecast, to include projections for major balance sheet and income statement accounts, targeted financial ratios, and growth projections over the period covered by the Strategic Plan;
(g) a description of the assumptions used to determine financial projections and growth targets;
(h) an identification and risk assessment of the Bank's present and planned future product lines (assets and liabilities) that will be utilized to accomplish the strategic goals and objectives established in the Strategic Plan, with the requirement that the risk assessment of new product lines must be completed prior to the offering of such product lines;
(i) specific plans for the maintenance of adequate capital including projections of the sources and timing of additional capital to meet the Bank's future needs;
(j) a description of control systems to mitigate risks associated with planned new products, growth, or any proposed changes in the Bank's marketsoperating environment;
(k) an evaluation of the Bank's internal operations, staffing requirements, board and management information systems, and policies and procedures for their adequacy and contribution to the accomplishment of the goals and objectives established in the Strategic Plan;
(l) a management employment and succession program to promote the retention and continuity of capable management;
(mj) assigned responsibilities and accountability for the strategic planning process, new products, growth goals, and proposed changes in the Bank's operating environment; and
(nk) a description of systems to monitor the Bank's progress in meeting the Strategic Plan's goals and objectives.
(2) Prior to adoption, a copy The Board shall also include as part of the Bank’s Strategic Plan shall be forwarded whether to sell, merge or liquidate the Director for review Bank or remain an independent national bank. The Board must consider and prior document in this written determination analysis various scenarios, including, but not limited to:
(a) resolution of no supervisory objection. Upon receiving a determination problem assets (including related costs);
(b) viable sources of no supervisory objection from liquidity (including related costs);
(c) achievement and maintenance of capital requirements as defined in Article IV – Capital Plan and Higher Minimums detailed below; and
(d) ongoing viability of the Directorbank based on current financial and market conditions.
(3) Should the Board decide to sell, merge or liquidate the Bank, the written analysis required under Paragraph (2) of this Article must also include timeframes and procedures for achieving the sale, merger or liquidation of the Bank, and the means by which the Board shall value and market the Bank.
(4) At least monthly, the Board shall review financial reports and earnings analyses prepared by the Bank shall implement that evaluates the Bank's performance against the goals and adhere to objectives established in the Strategic Plan.
(35) At least quarterly, the Board shall prepare a written evaluation of the Bank's actual performance against the established Strategic Plan, which includes a written including the Board’s analysis of the Bank’s financial performance and variance reports. The evaluation should also include an explanation of any differences between the established Strategic Plan and actual performance. The written evaluation should also explain significant differences between actual and projected balance sheets, income statements, and expense accounts, including descriptions of extraordinary and/or nonrecurring items, and . Finally the evaluation shall include a description of the actions the Board will require the Bank to take to address any shortcomings, which shall be documented in the Board meeting minutes. Within ten (10) days of completing its evaluation, the Board shall submit a copy to the DirectorAssistant Deputy Comptroller.
(46) Prior to adoption by the Board, a copy of the Strategic Plan, and any subsequent amendments or revisions, shall be forwarded to the Assistant Deputy Comptroller for review and prior written determination of no supervisory objection. Upon receiving a written determination of no supervisory objection from the Assistant Deputy Comptroller, the Board shall adopt and the Bank shall immediately implement and adhere to the Strategic Plan.
(7) The Bank may not initiate any action that deviates significantly from the Board- approved Strategic Plan without a written determination of no supervisory objection from the DirectorAssistant Deputy Comptroller. The Board must give the Director Assistant Deputy Comptroller advance, written notice of its intent to deviate significantly from the Strategic Plan, along with an assessment of the impact of such change on the Bank's condition, including a profitability analysis and an evaluation of the adequacy of the Bank's organizational structure, staffing, management information systems, internal controls, and written policies and procedures to identify, measure, monitor, and control the risks associated with the change in the Strategic Plan.
(8) For the purposes of this Article, changes that may constitute a significant deviation from the Strategic Plan include, but are not limited to, a change in the Bank's marketing strategies, marketing partners, underwriting practices and standards, credit administration, account management, collection strategies or operations, fee structure or pricing, accounting processes and practices, or funding strategy, any of which, alone or in aggregate, may have a material impact on the Bank's operations or financial performance; or any other changes in personnel, operations, or external factors that may have a material impact on the Bank's operations or financial performance. For purposes of this paragraph, “personnel” shall include the president, chief executive officer, chief operating officer, chief financial officer, chief credit officer, chief compliance officer, risk manager, auditor, member of the Bank's Board of Directors, or any other position subsequently identified in writing by the Assistant Deputy Comptroller.
Appears in 1 contract
Samples: Banking Agreement
