UNITED STATES OF AMERICA BEFORE THE BOARD OF GOVERNORS OF THE FEDERAL RESERVE SYSTEM WASHINGTON, D.C. STATE OF FLORIDA DIVISION OF FINANCIAL INSTITUTIONS OFFICE OF FINANCIAL REGULATION TALLAHASSEE, FLORIDAMarco Community Bancorp Inc • August 14th, 2007 • Savings institution, federally chartered
WHEREAS, in recognition of their common goal to restore and maintain the financial soundness of Marco Community Bank, Marco Island, Florida (the “Bank”), a state chartered bank that is a member of the Federal Reserve System, the Federal Reserve Bank of Atlanta (the “Reserve Bank”), the State of Florida Division of Financial Institutions, Office of Financial Regulation (the “OFR”), and the Bank have mutually agreed to enter into this Written Agreement (the “Agreement”) to address violations of law and unsafe and unsound practices related to asset quality, credit administration, management, risk management, and affiliate transactions identified at a recent examination of the bank conducted by the OFR; and
