CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by March 31, 2003 and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk based capital at least equal to ten percent (10%) of risk-weighted assets;
(b) Tier 1 capital at least equal to eight percent (8%) of risk-weighted assets;
(c) Tier 1 capital at least equal to seven percent (7%) of adjusted total assets.1
(2) The requirement in this Agreement to meet and maintain a specific capital level means that the Bank may not be deemed to be “well capitalized” for purposes of 12 U.S.C. § 1831o and 12 C.F.R. Part 6 pursuant to 12 C.F.R. § 6.4(b)(1)(iv).
(3) Within ninety (90) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three (3) year capital program. The program shall include:
(a) specific plans for the maintenance of adequate capital that may in no event be less than the requirements of paragraph (1);
(b) projections for growth and capital requirements based upon a detailed analysis of the Bank's assets, liabilities, earnings, fixed assets, and off-balance sheet activities;
(c) projections of the sources and timing of additional capital to meet the Bank's current and future needs;
(d) the primary source(s) from which the Bank will strengthen its capital structure to meet the Bank's needs;
(e) contingency plans that identify alternative methods should the primary source(s) under (d) above not be available;
(f) specific timeframes for the Bank's return to “well capitalized” (as defined in 12 C.F.R. Part 6) for Prompt Corrective Action; and
(g) a dividend policy that permits the declaration of a dividend only:
(i) when the Bank is in compliance with its approved capital program; 1 Adjusted total assets is defined in 12 C.F.R. § 3.2(a) as the average total asset figure used for Call Report purposes minus end-of-quarter intangible assets. As further noted in 12 C.F.R. § 3.2(a), a bank may be required to compute and maintain its leverage ratio on the basis of actual, rather than average total assets. This language would have to be modified to reflect that change.
(ii) when the Bank is in compliance with 12 U.S.C. §§ 56 and 60; and
(iii) with the prior determination of no supervisory objection by the Assistant Deputy Comptroller.
(4) Upon completion, the Bank's capital program shall be submitted to the Assistant Deputy Comptroller for prior determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the Assista...
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30, 2000 and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total capital at least equal to twelve percent (12%) of risk-weighted assets;
(b) Tier 1 capital at least equal to seven percent (7%) of adjusted total assets.
(2) Within sixty (60) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three year capital program. The program shall include:
(a) specific plans for the maintenance of adequate capital that may in no event be less than the requirements of paragraph (1);
(b) projections for growth and capital requirements based upon a detailed analysis of the Bank's assets, liabilities, earnings, fixed assets, and off-balance sheet activities;
(c) projections of the sources and timing of additional capital to meet the Bank's current and future needs;
(d) the primary source(s) from which the Bank will strengthen its capital structure to meet the Bank's needs;
(e) contingency plans that identify alternative methods should the primary source(s) under (d) above not be available; and
(f) a dividend policy that permits the declaration of a dividend only:
(i) when the Bank is in compliance with its approved capital program;
(ii) when the Bank is in compliance with 12 U.S.C. Sec. 56 and 60; and
(iii) with the prior written approval of the Director for Special Supervision/Fraud.
(3) Upon completion, the Bank's capital program shall be submitted to the Director for Special Supervision/Fraud for approval. Upon approval by the Director for Special Supervision/Fraud, the Bank shall implement and adhere to the capital program. The Board shall review and update the Bank's capital program on an annual basis, or more frequently if necessary. Copies of the reviews and updates shall be submitted to the Director for Special Supervision/Fraud.
(4) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the program developed pursuant to this Article.
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by October 31, 2008 and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk based capital equal to twelve percent (12%) of risk-weighted assets;
(b) Tier 1 capital at least equal to eleven percent (11%) of risk-weighted assets (Adjusted total assets is defined in 12 C.F.R. § 3.2(a) as the average total asset figure used for Call Report purposes minus end-of-quarter intangible assets);
(c) Tier 1 capital at least equal to nine percent (9%) of adjusted total assets.
(2) The requirement in this Agreement to meet and maintain a specific capital level means that the Bank may not be deemed to be “well capitalized” for purposes of 12 U.S.C. § 1831o and 12 C.F.R. Part 6 pursuant to 12 C.F.R. § 6.4(b)(1)(iv).
(3) Within sixty (60) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three year capital program. The program shall include:
(a) specific plans for the maintenance of adequate capital that may in no event be less than the requirements of paragraph (1);
(b) projections for growth and capital requirements based upon a detailed analysis of the Bank’s assets, liabilities, earnings, fixed assets, and off-balance sheet activities;
(c) projections of the sources and timing of additional capital to meet the Bank’s current and future needs;
(d) the primary source(s) from which the Bank will strengthen its capital structure to meet the Bank’s needs;
(e) contingency plans that identify alternative methods should the primary source(s) under (d) above not be available; and
(f) a dividend policy that permits the declaration of a dividend only:
(i) when the Bank is in compliance with its approved capital program and will remain in compliance with its approved capital program and paragraph (1) of this Article immediately following the payment of any dividend;
(ii) when the Bank is in compliance with 12 U.S.C. §§ 56 and 60; and
(iii) with the prior written determination of no supervisory objection by the Assistant Deputy Comptroller. Upon receiving a determination of no supervisory objection from the Assistant Deputy Comptroller, the Bank shall implement and adhere to the dividend policy.
(4) Upon completion, the Bank’s capital program shall be submitted to the Assistant Deputy Comptroller for prior written determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the Assistant Deputy Comptroller, the Bank shall implement...
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by December 31, 2009, and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Tier 1 capital at least equal to nine percent (9.00%) of adjusted total assets.1 1 Adjusted total assets is defined in 12 C.F.R. § 3.2(a) as the average total asset figure used for Call Report purposes minus end-of-quarter intangible assets.
(2) The requirement in this Agreement to meet and maintain a specific capital level means that the Bank may not be deemed to be “well capitalized” for purposes of 12 U.S.C. § 1831o and 12 C.F.R. Part 6 pursuant to 12 C.F.R. § 6.4(b)(1)(iv).
(3) Within ninety (90) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three year capital program. The program shall include:
(a) specific plans for the maintenance of adequate capital that may in no event be less than the requirements of paragraph (1);
(b) projections for growth and capital requirements based upon a detailed analysis of the Bank's assets, liabilities, earnings, fixed assets, and off- balance sheet activities;
(c) projections of the sources and timing of additional capital to meet the Bank's current and future needs;
(d) the primary source(s) from which the Bank will strengthen its capital structure to meet the Bank's needs;
(e) contingency plans that identify alternative methods should the primary source(s) under (d) above not be available; and
(f) a dividend policy that permits the declaration of a dividend only:
(i) when the Bank is in compliance with its approved capital program;
(ii) when the Bank is in compliance with 12 U.S.C. §§ 56 and 60; and
(iii) with the prior written determination of no supervisory objection by the Assistant Deputy Comptroller. Upon receiving a determination of no supervisory objection by the Assistant Deputy Comptroller, the Bank shall implement and adhere to the dividend policy.
(4) Upon completion, the Bank's capital program shall be submitted to the Assistant Deputy Comptroller for prior determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the Assistant Deputy Comptroller, the Bank shall implement and adhere to the capital program. The Board shall review and update the Bank's capital program on an annual basis, or more frequently if necessary. Copies of the reviews and updates shall be submitted to the Assistant Deputy Comptroller.
CAPITAL PLAN AND HIGHER MINIMUMS. (1) Within sixty (60) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three year capital program. The program shall include:
(a) specific plans for the maintenance of adequate capital that, within one hundred and twenty (120) days, may in no event be less than the following capital levels (as defined in 12 C.F.R. Part 3):
(i) Tier 1 capital at least equal to twelve percent (12 %) of risk-weighted assets;
(ii) Tier 1 capital at least equal to eight percent (8 %) of adjusted total assets.1
(b) projections for growth and capital requirements based upon a detailed analysis of the Bank's assets, liabilities, earnings, fixed assets, and off-balance sheet activities;
(c) projections of the sources and timing of additional capital to meet the Bank's current and future needs;
(d) the primary source(s) from which the Bank will strengthen its capital structure to meet the Bank's needs;
(e) contingency plans that identify alternative methods should the primary source(s) under (d) above not be available; and
(f) a dividend policy that permits the declaration of a dividend only:
(i) when the Bank is in compliance with its approved capital program;
(ii) when the Bank is in compliance with 12 U.S.C. §§ 56 and 60; and
(iii) with prior written notice to the Assistant Deputy Comptroller.
(2) Upon completion, the Bank's capital program shall be submitted to the Assistant Deputy Comptroller for approval. Upon approval by the Assistant Deputy Comptroller, the Bank shall implement and adhere to the capital program. The Board shall review and update the Bank's capital program on an annual basis, or more frequently if necessary. Copies of the reviews and updates shall be submitted to the Assistant Deputy Comptroller.
(3) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the program developed pursuant to this Article.
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by September 30, 2006 and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk-based capital at least equal to twelve and one- quarter percent (12.25%) of risk-weighted assets;
(b) Tier 1 leverage capital at least equal to eight and one-quarter percent (8.25%) of adjusted total assets.1
(2) The requirement in this Agreement to meet and maintain a specific capital level means that the Bank may not be deemed to be “well capitalized” for purposes of 12 U.S.C. § 1831o and 12 C.F.R. Part 6 pursuant to 12 C.F.R. § 6.4(b)(1)(iv).
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve hereafter and maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Tier 1 capital at least equal to thirteen percent (13%) of risk-weighted assets;
(b) Tier 1 capital at least equal to eight and one half percent (8.5%) of adjusted total assets.1
(2) Within sixty (60) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a three-year capital program. The program shall include:
(a) the primary source(s) from which the Bank will strengthen its capital structure to meet the Bank's needs;
(b) contingency plans that identify alternative methods should the primary source(s) under (a) above not be available; and
(c) a dividend policy that permits the declaration of a dividend only:
(i) when the Bank is in compliance with its approved capital program;
(ii) when the Bank is in compliance with 12 U.S.C. §§ 56 and 60; and
(iii) with the prior written determination of no supervisory objection by the Assistant Deputy Comptroller. Upon receiving a determination of no supervisory objection, the Bank shall implement and adhere to the dividend policy.
(3) Upon completion, and subsequent updates, the Bank's capital program shall be submitted to the Assistant Deputy Comptroller for prior determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the Assistant Deputy Comptroller, the Bank shall implement and adhere to the capital program. The Board shall review and update the Bank's capital program on an annual basis, or more frequently if 1 Adjusted total assets is defined in 12 C.F.R. § 3.2(a) as the average total asset figure used for Call Report purposes minus end-of-quarter intangible assets.
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall continue to maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Total risk based capital at least equal twelve percent (12%) of risk- weighted assets;
(b) Tier 1 capital at least equal to 8 percent (8%) of adjusted total assets.1
(2) The requirement in this Agreement to meet and maintain a specific capital level means that the Bank may not be deemed to be “well capitalized” for purposes of 12 U.S.C. § 1831o and 12 C.F.R. Part 6 pursuant to 12 C.F.R. § 6.4(b)(1)(iv).
(3) If the Bank fails to maintain the capital levels as provided in paragraph 1 of this Article, then within thirty (30) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three year capital program. The program shall include:
(a) specific plans for the maintenance of adequate capital that may in no event be less than the requirements of paragraph (1);
(b) projections for growth and capital requirements based upon a detailed analysis of the Bank's assets, liabilities, earnings, fixed assets, and off- balance sheet activities;
(c) projections of the sources and timing of additional capital to meet the Bank's current and future needs;
(d) the primary source(s) from which the Bank will strengthen its capital structure to meet the Bank's needs;
(e) contingency plans that identify alternative methods should the primary source(s) under (d) above not be available; and
(4) Upon completion, the Bank's capital program shall be submitted to the Assistant Deputy Comptroller for prior determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the Assistant Deputy Comptroller, the Bank shall implement and adhere to the capital program. The Board shall review and update the Bank's capital program on an annual basis, or more frequently if necessary. Copies of the reviews and updates shall be submitted to the Assistant Deputy Comptroller.
(5) The Bank shall declare a dividend only:
(a) when the Bank is in compliance with its approved capital program;
(b) when the Bank is in compliance with 12 U.S.C. §§ 56 and 60; and
(c) upon receiving a determination of no supervisory objection from the Assistant Deputy Comptroller.
(6) The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the program developed pursuant to this Article.
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Board shall achieve by December 31, 2009, and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) Tier 1 capital to adjusted total assets of nine percent (9%) (adjusted total assets is defined in 12 C.F.R. § 3.2(a) as the average total asset figure used for Call Report purposes minus end-of-quarter intangible assets);
(b) Tier 1 risk-based capital to risk-weighted assets of ten percent (10%); and
(c) Total risk-based capital to risk-weighted assets of eleven percent (11%).
(2) The requirement in this Agreement to meet and maintain a specific capital level means that the Bank may not be deemed to be “well capitalized” for purposes of 12 U.S.C. § 1831o and 12 C.F.R. Part 6 pursuant to 12 C.F.R. § 6.4(b)(1)(iv).
(3) Within ninety (90) days, the Board shall forward to the Assistant Deputy Comptroller for his review, pursuant to paragraph (5) of this Article, a written Capital Plan for the Bank, consistent with the Bank's Strategic Plan as required by Article III, 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 Capital Plan. The Capital Plan shall include:
(a) specific plans for the achievement and maintenance of adequate capital, which may in no event be less than the requirements of paragraph (1) of this Article;
(b) projections for growth and capital requirements, based upon a detailed analysis of the Bank's assets, liabilities, earnings, fixed assets, and off- balance sheet activities;
(c) projections of the sources and timing of additional capital to meet the Bank's future needs, as set forth in the Strategic Plan;
(d) identification of the primary sources from which the Bank will maintain an appropriate capital structure to meet the Bank's future needs, as set forth in the Strategic Plan;
(e) specific plans detailing how the Bank will comply with restrictions or requirements set forth in this Agreement and with 12 U.S.C. § 1831o, including the restrictions against brokered deposits in 12 C.F.R. § 337.6; and
(f) contingency plans that identify alternative methods to strengthen capital, should the primary source(s) under paragraph (d) of this Article not be available.
(4) the Bank may pay a dividend or make a capital distribution only:
(a) when the Bank is ...
CAPITAL PLAN AND HIGHER MINIMUMS. (1) The Bank shall achieve by March 31, 2005 and thereafter maintain the following capital levels (as defined in 12 C.F.R. Part 3):
(a) total risk-based capital at least equal to eleven percent (11%) of risk- weighted assets; and
(b) tier 1 capital at least equal to eight percent (8%) of adjusted total assets.1
(2) The requirement in this Agreement to meet and maintain a specific capital level means that the Bank may not be deemed to be “well capitalized” for purposes of 12 U.S.C. § 1831o and 12 C.F.R. Part 6 pursuant to 12 C.F.R. § 6.4(b)(1)(iv). 1 Adjusted total assets is defined in 12 C.F.R. § 3.2(a) as the average total asset figure used for Call Report purposes minus end-of-quarter intangible assets. As further noted in 12 C.F.R. § 3.2(a), a bank may be required to compute and maintain its leverage ratio on the basis of actual, rather than average total assets. This language would have to be modified to reflect that change.
