<<There has to be at least one major financial institution in trouble here>>
Perhaps not "major" and or perhaps not exactly "here"(in time) but this sounds like trouble all right:
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[¶11,814] In the Matter of ING National Trust, Minneapolis, Minnesota, Docket No. 01-064p (6-29-01)
FDIC terminates insured status of bank that no longer receives deposits.
In the Matter of
ING NATIONAL TRUST
MINNEAPOLIS, MINNESOTA
(Insured National Bank)
ORDER OF TERMINATION
OF INSURANCE
FDIC-01-064p
Pursuant to section 8(p) of the Federal Deposit Insurance Act, 12 U.S.C. §1818(p), the Federal Deposit Insurance Corporation ("FDIC") hereby finds that ING National Trust, Minneapolis, Minnesota ("ING Trust"), is not engaged in the business of receiving deposits, other than trust funds, and issues the following ORDER:
ORDER
IT IS HEREBY ORDERED, that the status of ING Trust as an insured national banking association be, and hereby is, terminated at the expiration of December 31, 2001, which is the last day of the first full semiannual assessment period following the date of issuance of this ORDER.
IT IS FURTHER ORDERED, that ING Trust notify its depositors, if any, of the termination of its insured status no later than November 30, 2001, in the manner required by section 308.124(c) of the FDIC's Rules of Practice and Procedure, 12 C.F.R. §308.124(c).
Pursuant to delegated authority.
Dated at Washington, D.C., this 29th day of June, 2001.
fdic.gov
+ see these - ORDER TO CEASE AND DESIST
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but gotta love this one:
[¶11,788] In the Matter of The Salt Lick Deposit Bank, Salt Lick, Kentucky, Docket No. 01-049pcas (4-17-01)
FDIC issues Prompt Corrective Action Directive ordering Bank to raise capital.
[.1] Capital—Increase Required
[.2] Compensation—Restricted
[.3] Capital Distribution—Restricted
[.4] Payments—Restricted
[.5] Assets—Growth Restricted
[.6] Bank Expansion—Restrictions on
[.7] Transactions—Restricted
{{6-30-01 p.C-5118}}
In the Matter of
THE SALT LICK DEPOSIT BANK
SALT LICK, KENTUCKY
(Insured State Nonmember Bank)
PROMPT CORRECTIVE ACTION DIRECTIVE
FDIC-01-049pcas
The Salt Lick Deposit Bank, Salt Lick, Kentucky ("Bank"), is a "critically undercapitalized" insured depository institution as that term is defined in section 38(b)(1) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. §1831o(b)(1)(E), and section 325.103(b)(5) of the Federal Deposit Insurance Corporation (FDIC) Rules and Regulations, 12 C.F.R.§325.103(b)(5), based upon a Joint Report of Examination dated as of February 28, 2001, conducted by the FDIC and the Department of Financial Institutions of the Commonwealth of Kentucky.
As of February 28, 2001:
(a) The Bank's Tier 1 capital, as defined in Section 325.2(t) of the FDIC Rules and Regulations, 12 C.F.R. §325.2(t), equalled $856,000,
(b) The Bank's leverage capital ratio, as defined in Section 325.2(k) of the FDIC Rules and Regulations, 12 C.F.R. §325.2(k), equalled 1.89 percent, and;
(c) The Bank's ratio of tangible equity to total assets equalled 1.89% as defined in Sections 325.2(s) and 325.2(v) of the FDIC Rules and Regulations, 12 C.F.R. §§ 325.2(s) and 325.2(v), respectively.
The FDIC also determined that one or more grounds exist for appointing a conservator or receiver for the Bank pursuant to Section 11(c)(5) of the Act, 12 U.S.C. §1821(c)(5). The FDIC hereby issues this PROMPT CORRECTIVE ACTION DIRECTIVE ("DIRECTIVE") pursuant to the provisions of section 38 of the Act, 12 U.S.C. §1831o, and section 308.201(a)(2) of the FDIC Rules of Practice and Procedure, 12 C.F.R. §308.201(a)(2).
PROMPT CORRECTIVE
ACTION DIRECTIVE
[.1] IT IS HEREBY DIRECTED, as provided in 12 U.S.C. §1831o(f)(2)(J), that within 21 days from the date of this Directive the Bank shall achieve and maintain a leverage capital ratio of not less than 4.0 percent. It is,
FURTHER DIRECTED, that within 14 days of the receipt of this DIRECTIVE, the Bank shall submit a written plan acceptable to the FDIC describing the means and timing by which the Bank shall achieve the required capital levels. It is,
FURTHER DIRECTED, that the Bank shall comply with all prompt corrective action provisions mandated by Section 38 of the Act, 12 U.S.C. §1831o, including but not limited to the following:
[.2](a) Restriction on the compensation paid to senior executive officers pursuant to Section 38(f)(4) of the Act, 12 U.S.C. §1831o(f)(4).
[.3](b) Restriction on capital distributions pursuant to Section 38(d)(1) of the Act, 12 U.S.C. §1831o(d)(1), as "capital distribution" is defined in Section 38(b)(2)(B) of the Act, 12 U.S.C. §1831o(b)(2)(B);
[.4](c) Restriction on payment of management fees pursuant to Section 38(d)(2) of the Act, 12 U.S.C. §1831o(d)(2), as "management fee" is defined in Section 325.2(1) of the FDIC's Rules and Regulations, 12 C.F.R. §325.2(1);
[.5](d) Restriction on asset growth pursuant to Section 38(e)(3) of the Act, 12 U.S.C. §1831o(e)(3); and
[.6](e) Requisite prior approval by the FDIC, pursuant to Section 38(e)(4) of the Act, 12 U.S.C. §1831o(e)(4), before the Bank directly or indirectly:
(i) acquires any interest in any company or insured depository institution;
(ii) establishes or acquires any additional branch office; or
(iii) engages in any new line of business.
[.7]FURTHER DIRECTED that the Bank shall comply with section 38(f)(2)(B) which prohibits the Bank's ability from entering into exempt transactions under Section 23A(d)(1) of the Federal Reserve Act. It is
FURTHER DIRECTED that, by the 15th day following the effective date of the DIRECTIVE, and by the 15th day of every month thereafter, the Bank shall provide written reports to the Regional Director of the Memphis Regional Office (Regional Director) specifically detailing the extent of the Bank's compliance with the DIRECTIVE and further specifically detailing the required corrective actions being taken by the Bank to secure full compliance with the DIRECTIVE. It is
FURTHER DIRECTED that the DIRECTIVE
{{6-30-01 p.C-5119}}
shall become effective immediately upon its receipt by the Bank. It is
FURTHER DIRECTED that each provision of the DIRECTIVE shall be binding upon the Bank, its directors, officers, employees, agents, successors, assigns, and other institution-affiliated parties of the Bank. It is
FURTHER DIRECTED that each provision of the DIRECTIVE shall remain effective and enforceable except to the extent that, and until such time as, any provision of the DIRECTIVE shall have been modified, terminated, suspended, or set aside by FDIC.
Pursuant to section 308.201(a)(2) of the FDIC Rules of Practice and Procedure, 12 C.F.R. §308.201(a)(2), the Bank may submit a written appeal of the DIRECTIVE to the FDIC. Such an appeal must be received by the FDIC within 14 calendar days of the issuance of the DIRECTIVE. The appeal should include:
(i) An explanation why the DIRECTIVE is not an appropriate exercise of discretion under section 38;
(ii) Any recommended modification of the DIRECTIVE; and
(iii) Any other relevant information, mitigating circumstances, documentation, or other evidence in support of the position of the Bank regarding the DIRECTIVE.
The appeal shall be filed with Cottrell L. Webster, Regional Director (Supervision), Federal Deposit Insurance Corporation, Memphis Regional Office, 5100 Poplar Avenue, Suite 1900, Memphis, Tennessee 38137, with a copy to Phillip H. Schwartz, Regional Counsel (Supervision), Federal Deposit Insurance Corporation, Memphis Regional Office, 5100 Poplar Avenue, Suite 1900, Memphis, Tennessee 38137. The FDIC shall consider any such appeal, if filed in a timely manner, within 60 days of receiving the appeal. While the Appeal is pending, the DIRECTIVE shall remain in effect unless the FDIC, in its sole discretion, shall stay the effectiveness of the DIRECTIVE.
Pursuant to delegated authority.
Dated at Memphis, Tennessee, this 17th day of April, 2001.
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