I see where they entered into Consent Agreements but I don't see if they ever exited those agreements. My guess is no...they haven't. It needs to be verified by calling the bank.
NOTE 14 – REGULATORY MATTERS
Consent Order: On January 24, 2011 the Bank consented to the issuance of a Consent Order ("the Order") by the Office of the Comptroller of the Currency ("OCC"). The Order places significant requirements on the Bank, as summarized below.
On January 23, 2009, the Company entered into a Purchase Agreement with the United States Department of the Treasury (the "Treasury"), pursuant to which the Company issued and sold 4,656 shares of the Company's Preferred Stock as Fixed Rate Cumulative Perpetual Preferred Stock, Series A (the "Series A Preferred Stock") and 233 shares of Fixed Rate Cumulative Perpetual Warrant Preferred Stock, Series B (the "Series B Preferred Stock") for an aggregate purchase price of $4,656,000 in cash. The redemption of both Series A and Series B Preferred Stock is $4,889,000. The discount of $233,000 plus estimated issuance costs of $25,000 is accreted against retained earnings over the estimated five-year life of the Preferred Stock reducing the reported income available for common shareholders.
*It's unknown where they currently stand on TARP but the 5 years is up which means the interest rate on their TARP debt would go to 9%. Significant improvements in the banks overall health were made in 2013...with any luck that trend continues.
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