CENTRUE FINANCIAL CORPORATION NEW - 500 Beiträge pro Seite
eröffnet am 24.12.09 19:59:28 von
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ID: 1.155.000
ID: 1.155.000
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ISIN: US15643B2051 · WKN: A14T4S
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UPDATE 1-Fed says Centrue signs pact to reduce risk-taking
WASHINGTON, Dec 24 (Reuters) - The Federal Reserve announced on Thursday that Centrue Financial Corp. (TRUE.O) of Clayton, Missouri, agreed to strengthen risk management practices, minimize credit losses and cut problem assets.
Centrue is a holding company that owns Centrue Bank in Streator, Ill.
The agreement with the Fed specifies that Centrue must provide a written plan within 60 days that will, among other things, show how it intends to limit and manage concentrations of risk.
The agreement also to set incentive pay standards for loan origination officers that the Fed said must encourage employees to avoid taking excessive risks.
The Fed said Centrue also must submit an acceptable plan to show it intends to maintain sufficient
Form 8-K for CENTRUE FINANCIAL CORP
24-Dec-2009
Entry into a Material Definitive Agreement
Item 1.01 Entry Into a Material Definitive Agreement.
On December 18, 2009, Centrue Financial Corporation (the "Company") and its wholly owned banking subsidiary, Centrue Bank (the "Bank"), entered into a written agreement (the "Agreement") with the Federal Reserve Bank of Chicago (the "Federal Reserve") and the Illinois Department of Financial and Professional Regulation (the "Department").
The Agreement is based on the findings of the Federal Reserve and the Department during an examination that commenced on June 6, 2009 (the "Examination"). Since the completion of the Examination, the Boards of Directors of the Company and the Bank have aggressively taken steps to address the findings of the Examination. The Company and the Bank have taken an active role in working with the Federal Reserve and the Department to improve the condition of the Bank and have addressed many of the items included in the Agreement.
Under the terms of the Agreement, the Bank will prepare and submit written plans and/or reports to the regulators that address the following items:
strengthening the Bank's credit risk management practices; improving loan underwriting and loan administration; improving asset quality by enhancing the Bank's position on problem loans through repayment, additional collateral or other means; reviewing and revising as necessary the Bank's allowance for loan and lease losses policy; maintaining sufficient capital at the Bank; implementing an earnings plan and comprehensive budget to improve and sustain the Bank's earnings; and improving the Bank's liquidity position and funds management practices. While the Agreement remains in place, the Company and the Bank may not pay dividends and the Company may not increase debt or redeem any shares of its stock without the prior written consent of the regulators. Further, the Bank will comply with applicable laws and regulations.
The Company and the Bank believe that the proactive steps that have been taken by the Boards of Directors and by management will help the Company and the Bank address the Agreement and the concerns leading to the Agreement.
The deion of the Agreement above is qualified in its entirety by the actual Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 8.01 Other Events.
The Company also received notice from the FDIC that it will not be required to prepay three years of FDIC premiums which will result in the Company being able to pay the approximately $13 million in premiums semi-annually as the assessments become due.
On a separate topic, on December 24, 2009, the Company announced that its current credit facility with Bank of America, N.A., comprised of a $250,000 term note and $10,000,000 in subordinated debentures, has been assigned to Cole Taylor Bank. The terms of the credit facility remain unchanged. Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
WASHINGTON, Dec 24 (Reuters) - The Federal Reserve announced on Thursday that Centrue Financial Corp. (TRUE.O) of Clayton, Missouri, agreed to strengthen risk management practices, minimize credit losses and cut problem assets.
Centrue is a holding company that owns Centrue Bank in Streator, Ill.
The agreement with the Fed specifies that Centrue must provide a written plan within 60 days that will, among other things, show how it intends to limit and manage concentrations of risk.
The agreement also to set incentive pay standards for loan origination officers that the Fed said must encourage employees to avoid taking excessive risks.
The Fed said Centrue also must submit an acceptable plan to show it intends to maintain sufficient
Form 8-K for CENTRUE FINANCIAL CORP
24-Dec-2009
Entry into a Material Definitive Agreement
Item 1.01 Entry Into a Material Definitive Agreement.
On December 18, 2009, Centrue Financial Corporation (the "Company") and its wholly owned banking subsidiary, Centrue Bank (the "Bank"), entered into a written agreement (the "Agreement") with the Federal Reserve Bank of Chicago (the "Federal Reserve") and the Illinois Department of Financial and Professional Regulation (the "Department").
The Agreement is based on the findings of the Federal Reserve and the Department during an examination that commenced on June 6, 2009 (the "Examination"). Since the completion of the Examination, the Boards of Directors of the Company and the Bank have aggressively taken steps to address the findings of the Examination. The Company and the Bank have taken an active role in working with the Federal Reserve and the Department to improve the condition of the Bank and have addressed many of the items included in the Agreement.
Under the terms of the Agreement, the Bank will prepare and submit written plans and/or reports to the regulators that address the following items:
strengthening the Bank's credit risk management practices; improving loan underwriting and loan administration; improving asset quality by enhancing the Bank's position on problem loans through repayment, additional collateral or other means; reviewing and revising as necessary the Bank's allowance for loan and lease losses policy; maintaining sufficient capital at the Bank; implementing an earnings plan and comprehensive budget to improve and sustain the Bank's earnings; and improving the Bank's liquidity position and funds management practices. While the Agreement remains in place, the Company and the Bank may not pay dividends and the Company may not increase debt or redeem any shares of its stock without the prior written consent of the regulators. Further, the Bank will comply with applicable laws and regulations.
The Company and the Bank believe that the proactive steps that have been taken by the Boards of Directors and by management will help the Company and the Bank address the Agreement and the concerns leading to the Agreement.
The deion of the Agreement above is qualified in its entirety by the actual Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 8.01 Other Events.
The Company also received notice from the FDIC that it will not be required to prepay three years of FDIC premiums which will result in the Company being able to pay the approximately $13 million in premiums semi-annually as the assessments become due.
On a separate topic, on December 24, 2009, the Company announced that its current credit facility with Bank of America, N.A., comprised of a $250,000 term note and $10,000,000 in subordinated debentures, has been assigned to Cole Taylor Bank. The terms of the credit facility remain unchanged. Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Antwort auf Beitrag Nr.: 38.630.810 von kockar am 24.12.09 21:31:21hallo
bist du investiert in TRUE?
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