Don't Bite The Hand That Feeds You

[Theo]

For those of us in FSNM who would like a "forward looking event" to,...well,... look forward to- here's something taken from an 8K July 9th: 8K

Notice the bold text (60 days)- that's from the date July 2nd making 60 days later approx the first of September. Soooooo, anytime between now and then we might see another 8K or PR hopefully approving their submission.
I haven't seen the submission of such a document yet and one has to wonder if this is added weight to the pps until final. If so, and they comply with the terms set forth by the "Regulators", this puppy might fly. First things first tho-

On July 2, 2009, First State Bancorporation (the "Company") and its subsidiary bank, First Community Bank ("Bank"), executed a written agreement ("Agreement") with the Federal Reserve Bank of Kansas City and the New Mexico Financial Institutions Division (collectively, the "Regulators"). The Agreement is based on findings of the Regulators identified in an examination of the Bank and the Company during January and February of 2009. Several of the provisions in the Agreement are similar to an informal agreement entered into by the Company and the Bank in September 2008.

Under the terms of the Agreement, the Company and or the Bank agreed, among other things, to engage an independent consultant acceptable to the Regulators to assess the Bank's management and staffing needs, assess the qualifications and performance of all officers of the Bank, and assess the current structure and compositions of the Bank's board of directors and its committees. In addition, within 60 days of the Agreement, the Company and or the Bank will submit a written plan to strengthen lending and credit risk management practices and improve the Bank's position regarding past due loans, problem loans, classified loans, and other real estate owned; maintain sufficient capital at the Bank, holding company and the consolidated level; improve the Bank's earnings and overall condition; and improve management of the Bank's liquidity position, funds management process, and interest rate risk management.