EXHIBIT 10.2
M&I Xxxxxxxx & Xxxxxx Bank
000 Xxxxx Xxxxx Xxxxxx/Xxxxxxxxx, XX 00000-0000/Tel 000 000-0000
Correspondent Banking
August 27, 1997
Xx. Xxxxxxx X. Xxxxx, President
Financial Services Corporation of the Midwest
P. O. Xxx 0000
Xxxx Xxxxxx, XX 00000-0000
RE: Amendment to Letter Agreement dated as of December 15, 1992
Dear Xx. Xxxxx:
The following amends the Loan Agreement dated December 15, 1992 as
amended as of March 14, 1996 and further amended as of July 27, 1996.
Paragraph 3 of the agreement is amended in its entirety to read as
follows:
"3. The Borrower shall at all times maintain a
minimum tangible net worth of at least $20,000,000.00.
Tangible net worth shall be defined in accordance with
generally accepted accounting principles. The Bank shall
maintain a minimum tangible net worth, as defined by
applicable regulatory authorities, of at least
$25,000,000.00."
Paragraph 6 of the agreement is amended in its entirety to read as
follows:
"6. The Borrower shall make no fixed asset
expenditures in an aggregate amount exceeding $500,000.00 in
any one fiscal year with the prior approval of M&I. The Bank
shall make only such fixed asset expenditures as would be made
under normal banking practices and in accordance with
applicable regulatory requirements without the prior written
approval of M&I. If the Bank is required, under regulatory
requirements, to obtain the approval of regulators for any
fixed asset expenditures, the Borrower shall also obtain the
prior written approval of M&I."
All other terms and conditions of the Agreement, as amended, shall
remain in force.
Please acknowledge acceptance of, and agreement to, the terms by
signing in the appropriate place indicated.
Sincerely yours,
By: /s/ Xxxx X. Xxxxxxx
-------------------------------------
Xxxx X. Xxxxxxx, Vice President
Attest: /s/ Xxxxxx X. Xxxxxx
---------------------------------
Xxxxxx X. Xxxxxx, Vice President
The above terms are accepted agreed to as of this date:
FINANCIAL SERVICES CORPORATION
OF THE MIDWEST
By: /s/ Xxxxxxx X. Xxxxx
---------------------------------------
Its: Chairman
Attest: /s/ Xxxxxxxx X. Xxxxxx
----------------------------------
Its: Secretary
The above terms are accepted and agreed to as of this date:
THE ROCK ISLAND BANK, N.A.
By: /s/ Xxxxx X. Xxxxxx
--------------------------------------
Its: Chairman
Attest: /s/ Xxxxxxxx X. Xxxxxx
-----------------------------------
Its: Secretary
