UPDATE: Regulators Deem First NBC Bank (FNBC) to be in Troubled Condition - DJ (Correction)
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(Updated - October 20, 2016 2:40 PM EDT)
(Update corrects ticker and name)
Regulators deemed First NBC Bank Holding (NASDAQ: FNBC) to be in troubled condition, according to Dow Jones, citing an SEC filing.
From the filing:
On October 11, 2016, the holding company was informed in writing by the Federal Reserve Bank of Atlanta (“FRB”) and Louisiana Office of Financial Institutions (“OFI”) that it is deemed to be in “troubled condition” under Section 225.71 of Regulation Y. This regulatory designation results in two primary limitations upon the holding company. First, the Company will be required to seek the prior approval of the FRB before adding any new director or senior executive officer at the holding company level or changing the responsibilities of any current senior executive officer. Second, the Company may not make indemnification or severance payments to, or enter into agreements providing for such indemnification or severance payments with, institution-affiliated parties, which include key employees and directors of the Company, without complying with certain statutory restrictions including prior approval of the FRB and FDIC.
The FRB has also advised the Company that in light of its obligation to serve as a source of financial and managerial strength to the Bank, the Company should not incur indebtedness; distribute any interest, principal or other sums on subordinate debentures; declare or pay dividends on any of the Company’s equity securities; redeem any corporate stock; or make any other payment representing a reduction in capital, except for the payment of normal and routine operating expenses, without prior FRB and OFI approval.
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