First Community Financial Partners Inc (FCMP)

[56Chevy]

First Community Financial Partners, Inc. Announces Rescission of Board Resolution

Date : 11/22/2013 @ 4:30PM
Source : GlobeNewswire Inc.


First Community Financial Partners, Inc. (OTCBB:FCMP) ("First Community" or the "Company"), the holding company for First Community Financial Bank (the "Bank"), announced today that the Board of Directors of the Company has rescinded a board resolution dated October 19, 2011, which required the Company to obtain the written approval of the Federal Reserve Bank of Chicago (the "Federal Reserve") prior to: (1) the declaration or payment of corporate dividends; (2) any increase in debt; or (3) the redemption of Company stock. The Federal Reserve notified the Company on November 14, 2013 it had no objections to the Company rescinding the board resolution.

"This action reflects the continuing improvement in the financial condition of the Company," said Roy C. Thygesen, Chief Executive Officer. "The merger of our subsidiary banks and subsequent lifting of the Bank's Memoranda of Understanding in August of this year further demonstrate the steps management has taken to improve the asset quality and efficiencies of the Company. The Board recognized this and believed the board resolution adopted on October 19, 2011 was no longer warranted."

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