The Heritage Bank Hinesville Georgia


Here us the new site, much fasteer

capital2risk.com

This is James Floyd the CEO who bankrupted this place

This good ole boy likes to engage in hazardous commercial lending, sounds kinky

This guy looks like a swinger

James Floyd wiped out a 100 year old financial institution

How is that for  Heritage

Check out the mustache, this guy looks like a swinger

The Heritage Bank, Hinesville Georgia was founded in 1911.  The company is on the problem bank list, for hazardous commercial real estate lending.  The Texas ratio is 114%.

Assets are $933MM with equity of $43MM.

Take a look at the problem loan portfolio it is incredible, this place doesn’t play games when it comes to making bad loans.  The problem loan portfolio is $104MM!  They have $33MM in bad construction loans, that alone will wipe them out.

Some thing is wrong here, they have $104MM in bad loans and only $43MM in equity.  Maybe it is me, but this place is bankrupt.

Again, why isn’t this place closed down, probably because the FDIC is bankrupt.

James Floyd is the CEO.  This guy destroyed 105% of the equity in only 3 years.

He lost $40MM in FY10 alone, that takes a lot of effort.  He bankrupted a 100 year old bank in one year.

The bank survived the Great Depression, but it won’t survive James Floyd.

So much for a 100 year old Heritage.

Go into the bank and thank James Floyd for bankrupting this place.

Maybe James Floyd should be held accountable for destroying this bank.

Do you have money in this bankrupt institution?

Take your money out of this place before it goes bankrupt.

#2011-151
UNITED STATES OF AMERICA
DEPARTMENT OF THE TREASURY
COMPTROLLER OF THE CURRENCY
In the Matter of: ) Heritage First Bank ) Rome, Georgia )
CONSENT ORDER
The Comptroller of the Currency of the United States of America (“Comptroller”) has supervisory authority over Heritage First Bank, Rome, Georgia (“Bank”).
The Bank, by and through its duly elected and acting Board of Directors (“Board”), has executed a “Stipulation and Consent to the Issuance of a Consent Order,” dated October _20__, 2011, that is accepted by the Comptroller. By this Stipulation and Consent, which is incorporated by reference, the Bank has consented to the issuance of this Consent Order (“Order”) by the Comptroller.
Pursuant to the authority vested in it by the Federal Deposit Insurance Act, as amended, 12 U.S.C. § 1818, the Comptroller hereby orders that: ARTICLE I COMPLIANCE COMMITTEE
(1) Within thirty (30) days, the Board shall appoint a Compliance Committee of at least four (4) directors, of which no more than one (1) shall be an employee or controlling shareholder of the Bank or any of its affiliates (as the term “affiliate” is defined in 12 U.S.C. § 371c(b)(1)), or a family member of any such person. Upon appointment, the names of the members of the Compliance Committee and, in the event of a change of the membership, the name of any new member shall be submitted in writing to the Assistant Deputy Comptroller.
The Compliance Committee shall be responsible for monitoring and coordinating the Bank’s compliance with the provisions of this Order.
(2) The Compliance Committee shall meet at least monthly.
(3)
Within forty-five (45) days, and every thirty days thereafter, the Compliance Committee shall submit a written progress report to the Board setting forth in detail:
(a)
a description of the action needed to achieve full compliance with each Article of this Order;
(b)
actions taken to comply with each Article of this Order; and
(c)
the results and status of those actions.
(4)
The Board shall forward a copy of the Compliance Committee’s reports, with any additional comments by the Board, to the Assistant Deputy Comptroller within thirty (30) days of each calendar quarter end.
ARTICLE II
CAPITAL PLAN AND HIGHER MINIMUMS
(1)
Effective immediately, the Bank shall maintain the following capital levels as defined in 12 C.F.R. Part 167:
(a)
Total risk-based capital at least equal to twelve and one-half percent (12.5%) of risk-weighted assets; and
(b)
Tier 1 capital at least equal to eight and one-half percent (8.5%) of adjusted total assets.1
1 Adjusted total assets is defined in 12 C.F.R. § 167.1.
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(2)
The requirement in this Order to meet and maintain a specific capital level means that the Bank may not be deemed to be “well capitalized” for purposes of 12 U.S.C. § 1831o and 12 C.F.R. Part 165 pursuant to 12 C.F.R. § 165.4(b)(1)(iv).
(3)
Within sixty (60) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a three-year capital program. The program shall include:
(a)
specific plans for the maintenance of adequate capital that may in no event be less than the requirements of paragraph (1);
(b)
projections for growth and capital requirements based upon a detailed analysis of the Bank’s assets, liabilities, earnings, fixed assets, and off-balance sheet activities;
(c)
projections of the sources and timing of additional capital to meet the Bank’s current and future needs;
(d)
the primary source(s) from which the Bank will strengthen its capital structure to meet the Bank’s needs;
(e)
contingency plans that identify alternative methods should the primary source(s) under (d) above not be available; and
(f)
a capital distribution policy that permits the declaration of a capital distribution only:
(i)
when the Bank is in compliance with its approved capital program;
(ii)
when the Bank is in compliance with 12 C.F.R. Part 163, Subpart E
– Capital Distributions; and
(iii) with the prior written determination of no supervisory objection by the Assistant Deputy Comptroller.
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(4)
Upon completion, the Bank’s capital program shall be submitted to the Assistant Deputy Comptroller for prior determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the Assistant Deputy Comptroller, the Bank shall implement and adhere to the capital program. The Board shall review and update the Bank’s capital program on an annual basis, or more frequently if necessary. Copies of the reviews and updates shall be submitted to the Assistant Deputy Comptroller.
(5)
The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the program developed pursuant to this Article.
(6)
If the OCC determines, in its sole judgment, that the Bank has failed to submit an acceptable capital program as required by paragraph (3) of this Article, or fails to implement or adhere to a capital program for which the OCC has taken no supervisory objection pursuant to paragraph (4) of this Article, then within thirty (30) days of receiving written notice from the OCC of such fact, the Bank shall develop and submit to the OCC for its review and prior determination of no supervisory objection a capital contingency plan, which shall detail the Board’s proposal to sell, merge or liquidate the Bank. After the OCC has advised the Bank that it does not take supervisory objection to the capital contingency plan, the Board shall immediately implement, and thereafter ensure adherence to, the terms of the contingency plan. Failure to submit a timely, acceptable contingency plan may be deemed a violation of this Order, in the exercise of the OCC’s sole discretion.
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ARTICLE III
BUDGET/BUSINESS PLAN
(1)
Within sixty (60) days, the Board shall prepare, implement, and thereafter ensure Bank adherence to a written three-year business plan that shall include a projection of major balance sheet and income statement components. The business plan shall also include a written profit plan and a detailed budget. Specifically, the plan shall describe the Bank’s objectives for improving Bank earnings, including contemplated strategies and major capital expenditures required to achieve those objectives. Such strategies shall include specific market segments that the Bank intends to promote or develop. Procedures shall also be established to monitor the Bank’s actual results against these projections and to provide for appropriate adjustments to the budget and profit plan. The plan shall set forth specific time frames for the accomplishment of these objectives.
(2)
A copy of the plan shall be submitted to the Assistant Deputy Comptroller for review and prior written determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the Assistant Deputy Comptroller, the Bank shall implement and adhere to the program.
(3)
The Board shall prepare, implement, and thereafter ensure Bank adherence to an updated written three-year business plan, reflecting current market conditions and strategies, each year that this Order remains in effect. The updated business plan shall be submitted on or before November 30 of each calendar year.
(4)
The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the plan developed pursuant to this Article.
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ARTICLE IV
CRITICIZED ASSETS
(1)
The Bank shall take immediate and continuing action to protect its interest in those assets criticized in the Report of Examination, dated April 11, 2011 (“ROE”), in any subsequent Report of Examination, by internal or external loan review, or in any list provided to management by the OCC during any examination.
(2)
Within sixty (60) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written program designed to eliminate the basis of criticism of assets criticized in the ROE, in any subsequent Report of Examination, or by any internal or external loan review, or in any list provided to management by the OCC during any examination as “doubtful,” “substandard,” or “special mention.” This program shall include, at a minimum:
(a)
an identification of the expected sources of repayment;
(b)
the appraised value of supporting collateral and the position of the Bank’s lien on such collateral where applicable;
(c)
an analysis of current and satisfactory credit information, including cash flow analysis where loans are to be repaid from operations; and
(d)
the proposed action to eliminate the basis of criticism and the time frame for its accomplishment.
(3)
Upon adoption, a copy of the program for all criticized assets equal to or exceeding five hundred thousand dollars ($500,000) shall be forwarded to the Assistant Deputy Comptroller.
(4)
The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the program developed pursuant to this Article.
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(5)
The Board, or a designated committee, shall conduct a review, on at least a quarterly basis, to determine:
(a)
the status of each criticized asset or criticized portion thereof that equals or exceeds five hundred thousand dollars ($500,000);
(b)
management’s adherence to the program adopted pursuant to this Article;
(c)
the status and effectiveness of the written program; and
(d)
the need to revise the program or take alternative action.
(6)
A copy of each review shall be forwarded to the Assistant Deputy Comptroller on a quarterly basis in a format similar to Appendix A, attached hereto.
(7)
The Bank may extend credit, directly or indirectly, including renewals, extensions or capitalization of accrued interest, to a borrower whose loans or other extensions of credit are criticized in the ROE, in any subsequent Report of Examination, in any internal or external loan review, or in any list provided to management by the OCC during any examination and whose aggregate loans or other extensions exceed five hundred thousand dollars ($500,000), only if each of the following conditions is met:
(a)
the Board or designated committee finds that the extension of additional credit is necessary to promote the best interests of the Bank and that prior to renewing, extending or capitalizing any additional credit, a majority of the full Board or designated committee approves the credit extension and records, in writing, why such extension is necessary to promote the best interests of the Bank; and
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(b)
a comparison to the written program adopted pursuant to this Article shows that the Board’s formal plan to collect or strengthen the criticized asset will not be compromised.
(8)
A copy of the approval of the Board or of the designated committee shall be maintained in the file of the affected borrower.
ARTICLE V
LOAN PORTFOLIO MANAGEMENT
(1)
Within sixty (60) days, the Board shall develop, implement, and thereafter ensure Bank adherence to a written program to improve the Bank’s loan portfolio management. The program shall include, but not be limited to:
(a)
procedures to ensure satisfactory and perfected collateral documentation;
(b)
procedures to ensure that extensions of credit are granted, by renewal or otherwise, to any borrower only after obtaining and analyzing current and satisfactory credit information;
(c)
procedures to ensure conformance with loan approval requirements;
(d)
a system to track and analyze exceptions;
(e)
procedures to ensure conformance with Thrift Financial Report (“TFR”) or Call Report instructions, including procedures governing the supervision and control of nonaccrual loans;
(f)
procedures to ensure the accuracy of internal management information systems; and
(g)
procedures to ensure the timely collection or charge-off of late fees.
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(2)
Upon completion, a copy of the program shall be forwarded to the Assistant Deputy Comptroller for review and prior written determination of no supervisory objection. Upon receiving a determination of no supervisory objection from the Assistant Deputy Comptroller, the Bank shall implement and adhere to the program.
(3)
Within sixty (60 ) days, the Board shall develop, implement, and thereafter ensure Bank adherence to systems which provide for effective monitoring of:
(a)
early problem loan identification to assure the timely identification and rating of loans and leases based on lending officer submissions;
(b)
previously charged-off assets and their recovery potential;
(c)
compliance with the Bank’s lending policies and laws, rules, and regulations pertaining to the Bank’s lending function; and
(d)
adequacy of credit and collateral documentation.
(4)
Within ninety (90) days, and quarterly thereafter, management will provide the Board with written reports including, at a minimum, the following information:
(a)
the identification, type, rating, and amount of problem loans and leases;
(b)
the identification and amount of delinquent loans and leases;
(c)
credit and collateral documentation exceptions;
(d)
the identification and status of credit-related violations of law, rule or regulation;
(e)
the identity of the loan officer who originated each loan reported in accordance with subparagraphs (a) through (d) of this Article and Paragraph;
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(f)
the identification and amount of loans and leases to executive officers, directors, principal shareholders (and their related interests) of the Bank; and
(g)
the identification of loans and leases not in conformance with the Bank’s lending and leasing policies, and exceptions to the Bank’s lending and leasing policies.
(5)
The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the program and systems developed pursuant to this Article.
ARTICLE VI
LOAN REVIEW CONSULTANT
(1)
Within ninety (90) days, the Board shall employ a qualified consultant to perform an ongoing asset quality review of the Bank. The consultant shall be utilized until such time as an ongoing internal asset quality review system is developed by the Board, implemented and demonstrated to be effective.
(2)
Prior to the appointment or employment of any individual to this loan review consultant or entering into any contract with a consultant, the Board shall submit the name and qualifications of the proposed consultant, the proposed terms of employment and the scope of the engagement to the Assistant Deputy Comptroller for a prior written determination of no supervisory objection.
(3)
Before terminating the consultant’s asset quality review services, the Board shall both certify the effectiveness of the internal asset quality review system, and receive prior written determination of no supervisory objection from the Assistant Deputy Comptroller.
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(4)
The requirement to submit information and the provisions for prior written determination of no supervisory objection in this Article are based on the authority of 12 U.S.C. § 1818(b) and do not require the Comptroller or the Assistant Deputy Comptroller to complete his/her review and act on any such information or authority within ninety (90) days.
ARTICLE VII
CONCENTRATIONS OF CREDIT
(1)
Within sixty (60) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written asset diversification program consistent with OCC Banking Circular
255. The program shall include, but not necessarily be limited to, the following:
(a)
a review of the balance sheet to identify any concentrations of credit;
(b)
a written analysis of any concentration of credit identified above in order to identify and assess the inherent credit, liquidity, and interest rate risk;
(c)
policies and procedures to control and monitor concentrations of credit; and
(d)
an action plan approved by the Board to reduce the risk of any concentration deemed imprudent in the above analysis.
(2)
For purposes of this Article, a concentration of credit is as defined in the “Loan Portfolio Management” booklet of the Comptroller’s Handbook.
(3)
The Board shall ensure that future concentrations of credit are subjected to the analysis required by subparagraph (b) and that the analysis demonstrate that the concentration will not subject the Bank to undue credit or interest rate risk.
(4)
The Board shall forward a copy of any analysis performed on existing or potential concentrations of credit to the Assistant Deputy Comptroller immediately following the review.
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(5)
The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the program developed pursuant to this Article.
ARTICLE VIII
ALLOWANCE FOR LOAN AND LEASE LOSSES
(1)
The Board shall review the adequacy of the Bank’s Allowance for Loan and Lease Losses (“Allowance”) and shall establish a program for the maintenance of an adequate Allowance. This review and program shall be designed in light of the comments on maintaining a proper Allowance found in the Interagency Policy Statement contained in OCC Bulletin 2006-47 (December 13, 2006) and the “Allowance for Loan and Lease Losses” booklet of the Comptroller’s Handbook, and shall incorporate the following:
(a)
internal risk ratings of loans;
(b)
results of the Bank’s internal loan review;
(c)
results of the Bank’s independent loan review;
(d)
criteria for determining which loans will be reviewed under Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 310 Receivables (Pre-codification reference: Statement of Financial Accounting Standards (“FAS”) Statement No. 114), how impairment will be determined, and procedures to ensure that the analysis of loans complies with ASC 310 requirements;
(e)
criteria for determining loan pools under ASC 310 (Pre-codification reference: FAS Statement No. 5) and an analysis of those loan pools;
(f)
recognition of non-accrual loans in conformance with generally accepted accounting principles (“GAAP”) and TFR or Call Report instructions;
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(g)
loan loss experience;
(h)
trends of delinquent and nonaccrual loans;
(i)
concentrations of credit in the Bank; and
(j)
present and prospective economic conditions.
(2)
The program shall provide for a review of the Allowance by the Board at least once each calendar quarter. Any deficiency in the Allowance shall be remedied in the quarter it is discovered, prior to the filing of the Thrift Financial Report or Call Report, by additional provisions from earnings. Written documentation shall be maintained indicating the factors considered and conclusions reached by the Board in determining the adequacy of the Allowance.
(3)
The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the program developed pursuant to this Article.
ARTICLE IX BOARD COMMITTEE STRUCTURE
(1)
Within forty-five (45) days, the Compliance Committee shall conduct a review of the Board’s committee structure. The review shall include an evaluation of the existing structure and shall include:
(a)
an analysis of the number of committees and responsibilities assigned to each;
(b)
the composition of each committee with regard to the number of members and the technical expertise required for each committee; and
(c)
specific recommendations to improve the efficiency and responsiveness of each committee.
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(2)
Upon completion of the review, a copy of the report shall be forwarded to the Assistant Deputy Comptroller along with a copy of the Board resolution making appropriate adjustments in the committee structure.
ARTICLE X
APPOINTMENT OF NEW DIRECTORS
(1)
The Board shall promptly use reasonable efforts to add two (2) new independent directors. The term “independent director” means a person who is not an officer or employee of the Bank, or any related interest of any current director, officer, or employee, and who is not a relative of any current director, officer or employee.
(2)
Prior to appointing any new director, the Bank must provide the Assistant Deputy Comptroller with written notice as required by 12 C.F.R. § 163.
(3)
The Assistant Deputy Comptroller shall have the power of veto over the appointment of the proposed new director. However, the failure to exercise such veto power shall not constitute an approval or endorsement of the proposed director.
(4)
The requirement to submit information and the prior veto provisions of this Article are based on the authority of 12 U.S.C. § 1818(b) and do not require the Comptroller to complete his review and act on any such information or authority within ninety (90) days.
(5) If the Board is unable to identify any qualified director candidates within thirty
(30)
days of the date of this Order, the Board shall document its efforts to locate such candidates, and notify the Assistant Deputy Comptroller in writing. Thereafter, the Board shall provide quarterly reports to the Assistant Deputy Comptroller summarizing its continuing efforts to locate such candidates.
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ARTICLE XI
MANAGEMENT AND BOARD SUPERVISION STUDY
(1)
Within thirty (30) days, the Board shall employ an independent outside management consultant.
(2)
Within one hundred twenty (120) days, the consultant shall complete a study of current management and Board supervision presently being provided to the Bank, the Bank’s management structure, and its staffing requirements in light of the Bank’s present condition. The findings and recommendations of the consultant shall be set forth in a written report to the Board. At a minimum, the report shall contain:
(a)
the identification of present and future management and staffing requirements of each area of the Bank;
(b)
an evaluation of each officer’s qualifications and abilities and a determination of whether each of these individuals possesses the experience and other qualifications required to perform present and anticipated duties of his/her officer position;
(c)
recommendations as to whether management or staffing changes should be made, including the need for additions to or deletions from the current management team;
(d)
objectives by which management’s effectiveness will be measured;
(e)
an assessment of the Board’s strengths and weaknesses along with a director education program designed to strengthen identified weaknesses;
(f)
an evaluation of the extent of responsibility of current management and the Board for present weaknesses in the Bank’s condition; and
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(g)
recommendations to correct or eliminate any other deficiencies in the supervision or organizational structure of the Bank.
(3)
Within thirty (30) days of completion of this study, the Board shall develop, implement, and thereafter ensure Bank adherence to a written plan, with specific time frames, that will correct any deficiencies which are noted in the study.
(4)
The Board shall ensure that the Bank has processes, personnel, and control systems to ensure implementation of and adherence to the plan developed pursuant to this Article.
(5)
Copies of the Board’s written plan and the consultant’s study shall be forwarded to the Assistant Deputy Comptroller. The Assistant Deputy Comptroller shall retain the right to determine the adequacy of the report and its compliance with the terms of this Order. In the event the written plan, or any portion thereof, is not implemented, the Board shall immediately advise the Assistant Deputy Comptroller, in writing, of specific reasons for deviating from the plan.
ARTICLE XII
VIOLATIONS OF LAW
(1)
The Board shall immediately take all necessary steps to ensure that Bank management corrects each violation of law, rule or regulation cited in the ROE and in any subsequent Report of Examination. The quarterly progress reports required by this Order shall include the date and manner in which each correction has been effected during that reporting period.
(2)
Within thirty (30) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to specific procedures to prevent future violations as cited in the ROE and shall adopt, implement, and ensure Bank adherence to general procedures addressing compliance
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management which incorporate internal control systems and education of employees regarding laws, rules and regulations applicable to their areas of responsibility.
(3)
Within thirty (30) days of receipt of any subsequent Report of Examination which cites violations of law, rule, or regulation, the Board shall adopt, implement, and thereafter ensure Bank adherence to specific procedures to prevent future violations as cited in the ROE and shall adopt, implement, and ensure Bank adherence to general procedures addressing compliance management which incorporate internal control systems and education of employees regarding laws, rules and regulations applicable to their areas of responsibility.
(4)
Upon adoption, a copy of these procedures shall be promptly forwarded to the Assistant Deputy Comptroller.
(5)
The Board shall ensure that the Bank has policies, processes, personnel, and control systems to ensure implementation of and adherence to the procedures developed pursuant to this Article.
ARTICLE XIII
CLOSING
(1)
Although the Board is by this Order required to submit certain proposed actions and programs for the review or prior written determination of no supervisory objection of the Assistant Deputy Comptroller, the Board has the ultimate responsibility for proper and sound management of the Bank.
(2)
It is expressly and clearly understood that if, at any time, the Comptroller deems it appropriate in fulfilling the responsibilities placed upon it by the several laws of the United States of America to undertake any action affecting the Bank, nothing in this Order shall in any way inhibit, estop, bar or otherwise prevent the Comptroller from so doing.
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(3)
Any time limitations imposed by this Order shall begin to run from the effective date of this Order. Such time limitations may be extended in writing by the Assistant Deputy Comptroller for good cause upon written application by the Board.
(4)
The provisions of this Order are effective upon issuance of this Order by the Comptroller, through his authorized representative whose hand appears below, and shall remain effective and enforceable, except to the extent that, and until such time as, any provisions of this Order shall have been amended, suspended, waived, or terminated in writing by the Comptroller.
(5)
In each instance in this Order in which the Board is required to ensure adherence to, and undertake to perform certain obligations of the Bank, it is intended to mean that the Board shall:
(a)
authorize and adopt such actions on behalf of the Bank as may be necessary for the Bank to perform its obligations and undertakings under the terms of this Order;
(b)
require the timely reporting by Bank management of such actions directed by the Board to be taken under the terms of this Order;
(c)
follow-up on any non-compliance with such actions in a timely and appropriate manner; and
(d)
require corrective action be taken in a timely manner of any noncompliance with such actions.
(6)
This Order is intended to be, and shall be construed to be, a final order issued pursuant to 12 U.S.C. § 1818(b), and expressly does not form, and may not be construed to form, a contract binding on the Comptroller or the United States.
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(7)
The terms of this Order, including this paragraph, are not subject to amendment or modification by any extraneous expression, prior agreements or prior arrangements between the parties, whether oral or written.
IT IS SO ORDERED, this __20th___ day of October, 2011.
/S/ Dian Brown Assistant Deputy Comptroller Atlanta Field Office – Ravinia
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UNITED STATES OF AMERICA
DEPARTMENT OF THE TREASURY
COMPTROLLER OF THE CURRENCY
In the Matter of:
)
Heritage First Bank
)
Rome, Georgia
)
STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER
The Comptroller of the Currency of the United States of America (“Comptroller”) intends to initiate cease and desist proceedings against Heritage First Bank, Rome, Georgia (“Bank”) pursuant to 12 U.S.C. § 1818(b) through the issuance of Notice of Charges for unsafe and unsound banking practices relating to credit risk and violations of law.
The Bank, in the interest of compliance and cooperation, consents to the issuance of a Consent Order, dated October__20__, 2011 (“Order”);
In consideration of the above premises, the Comptroller, through his authorized representative, and the Bank, through its duly elected and acting Board of Directors, hereby stipulate and agree to the following:
ARTICLE XIV Jurisdiction
(1)
The Bank is a “savings association” within the meaning of 12 U.S.C. § 1813(b) and 12 U.S.C. § 1462(4). Accordingly, the Bank is “an insured depository institution” as that term is defined in 12 U.S.C. § 1813(c).
(2)
Pursuant to 12 U.S.C. § 1813(q), the Director of the Office of Thrift Supervision (“OTS”) is the “appropriate Federal banking agency” with jurisdiction to maintain an administrative enforcement proceeding against a savings association.
(3)
Pursuant to Section 312 of the Dodd-Frank Wall Street Reform and Consumer Protection Act, all powers, authorities, rights and duties relating to federal savings associations that were vested in the OTS and the Director of the OTS transferred to the OCC on July 21, 2011.
(4)
The Bank is subject to the authority of the OCC to initiate and maintain an administrative cease and desist proceeding against it pursuant to 12 U.S.C. § 1818(b). This Order shall cause the Bank to be designated as in “troubled condition,” as set forth in 12 C.F.R. § 163.555, unless otherwise informed in writing by the Comptroller.
ARTICLE XV
Agreement
(1)
The Bank, without admitting or denying any wrongdoing, hereby consents and agrees to the issuance of the Order by the Comptroller.
(2)
The Bank further agrees that said Order shall be deemed an “order issued with the consent of the depository institution” as defined in 12 U.S.C. § 1818(h)(2), and consents and agrees that said Order shall become effective upon its issuance and shall be fully enforceable by the Comptroller under the provisions of 12 U.S.C. § 1818(i). Notwithstanding the absence of mutuality of obligation, or of consideration, or of a contract, the Comptroller may enforce any of the commitments or obligations herein undertaken by the Bank under his supervisory powers, including 12 U.S.C. § 1818(i), and not as a matter of contract law. The Bank expressly acknowledges that neither the Bank nor the Comptroller has any intention to enter into a contract.
(3)
The Bank also expressly acknowledges that no officer or employee of the Comptroller has statutory or other authority to bind the United States, the U.S. Treasury Department, the Comptroller, or any other federal bank regulatory agency or entity, or any officer or employee of any of those entities to a contract affecting the Comptroller’s exercise of his supervisory responsibilities.
ARTICLE XVI
Waivers
(1) The Bank, by signing this Stipulation and Consent, hereby waives:
(a)
the issuance of a Notice of Charges pursuant to 12 U.S.C. § 1818(b);
(b)
any and all procedural rights available in connection with the issuance of the Order;
(c)
all rights to a hearing and a final agency decision pursuant to 12 U.S.C. § 1818(i), 12 C.F.R. Part 19;
(d)
all rights to seek any type of administrative or judicial review of the Order; and
(e)
any and all rights to challenge or contest the validity of the Order.
ARTICLE XVII
Other Action
(1) The Bank agrees that the provisions of this Stipulation and Consent shall not inhibit, estop, bar, or otherwise prevent the Comptroller from taking any other action affecting
the Bank if, at any time, it deems it appropriate to do so to fulfill the responsibilities placed upon it by the several laws of the United States of America.
IN TESTIMONY WHEREOF, the undersigned, authorized by the Comptroller as his representative, has hereunto set her hand on behalf of the Comptroller.
/S/ 10/20/2011 Dian Brown Date Assistant Deputy Comptroller Atlanta Field Office – Ravinia
IN TESTIMONY WHEREOF, the undersigned, as the duly elected and acting Board of Directors of the Bank, have hereunto set their hands on behalf of the Bank.
/S/re Ggory C. Wilkes
10/20/2011 Date
/S/ Ryan Earnest
10/20/2011 Date
/S/ Helmet H. Cawthon
10/20/2011 Date
/S/ Wade C. Hoyt, III
10/20/2011 Date
/S/ Randal A. Land
10/20/2011 Date
/S/ Kimberly G. Mauer
10/20/2011 Date
/S/ Thad W. Watters
10/20/2011 Date

Don’t forget the FDIC is bankrupt.

5 Responses to “The Heritage Bank Hinesville Georgia”

  1. Cami Heberlein Says:

    I believe that is one of the so much significant information for me. And i am glad studying your article. However should statement on some general issues, The website style is ideal, the articles is actually great :D. Excellent process, cheers.

    • capital2risk Says:

      thanks for visiting the site, great comments, going to do more macro issues, just haven’t had the time yet, spread the word

  2. Mr. Whiskers Says:

    FYI The consent order shown above is for a totally different bank, it’s for Heritage First Bank–not The Heritage Bank. One is in Rome and the other in Hinesville.

  3. capital2risk Says:

    shocking

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