First Community Financial Partners Inc (FCMP)

[56Chevy]

First Community Financial Partners, Inc. Announces Termination of Memoranda of Understanding with FDIC and State Regulator

Date : 08/15/2013 @ 5:36PM
Source : Business Wire

First Community Financial Partners, Inc. (OTCBB: FCMP) (“First Community”), the holding company for First Community Financial Bank (the “Bank”), announced today that the Memoranda of Understanding applicable to the Bank with the Federal Deposit Insurance Corporation (the “FDIC”) and the Illinois Department of Financial and Professional Regulation, have been terminated, effective as of August 12, 2013.[/b] As part of its previous approval of the consolidation of the Company’s four prior banking subsidiaries, the FDIC required that the consolidated bank remain subject to the Memorandum of Understanding instituted at each of First Community Bank of Joliet and First Community Bank of Homer Glen & Lockport on March 21, 2012 and April 18, 2012, respectively.

“We are pleased that our regulators have recognized the improvement in the consolidated Bank’s condition and determined that the Memoranda of Understanding are no longer warranted,” said Roy C. Thygesen, Chief Executive Officer. “We are very proud of the hard work that the entire Bank team has put in to achieve this goal.”

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