Re: Loan Covenant Waiver for September 30, 2006 — Western Reserve Bancorp, Inc.Western Reserve Bancorp Inc • August 14th, 2007 • State commercial banks
This letter is being written as acknowledgement between the borrower and the bank that the existing loans to borrower were in violation of covenant 4.16(e) of the Credit Agreement dated May 5, 2003 and subsequent amendments. The covenant reads as follow: Western Reserve Bank shall maintain a ratio of Allowance for loan and lease losses to Non-performing Loans of not less than 125% at all times. Actual Allowance for loan and lease losses to Non-performing Loans was 94.2% at September 30, 2006.
FIFTH AMENDMENT TO LOAN AGREEMENT AND WAIVERLoan Agreement and Waiver • August 14th, 2007 • Western Reserve Bancorp Inc • State commercial banks • Minnesota
THIS FIFTH AMENDMENT TO LOAN AGREEMENT AND WAIVER (this “Amendment”) is made and entered into as of June 21, 2007 by and between WESTERN RESERVE BANCORP, INC., an Ohio corporation (the “Borrower”) and TCF NATIONAL BANK, a national banking association (the “Bank”).
