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Tuesday, October 07, 2014 8:57:15 PM
Under the terms of the Written Agreement, the Company was required to, among other things: (i) serve as a source of strength to FSGBank, National Association, its wholly owned subsidiary bank ("FSGBank"); (ii) refrain from declaring or paying any dividend, or taking dividends or other payments representing a reduction in FSGBank's capital; (iii) refrain from incurring, increasing or guaranteeing any debt, directly or indirectly; (iv) submit to the Federal Reserve a written plan to maintain sufficient capital at the Company on a consolidated basis; (v) comply with certain regulatory notice provisions pertaining to the appointment of any new director or senior executive officer, or the changing of responsibilities of any senior executive officer; and (vi) comply with certain regulatory restrictions on indemnification and severance payments. The Company was also required to submit certain reports to the Federal Reserve with respect to the foregoing requirements. The above description of the Written Agreement is qualified in all respects by reference to the actual language of the Written Agreement, which was originally filed as Exhibit 10.1 to a Current Report on Form 8-K on September 14, 2010.
While the Written Agreement has been terminated, the Company expects that it will continue to seek approval from the Federal Reserve prior to paying any dividends on its capital stock and incurring any additional indebtedness.
http://www.sec.gov/Archives/edgar/data/1138817/000113881714000066/a20141007_frbxwaxterminati.htm
"Someone said it takes 30 years to be an instant success" - Gabriel Barbier-Mueller, CEO of Harwood International
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