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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Beach First National Bancshares (MM) | NASDAQ:BFNB | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.57 | 0 | 01:00:00 |
South Carolina | 000-22503 | 57-1030117 | ||
(State or other jurisdiction
of incorporation) |
(Commission File Number) | (IRS Employer Identification No.) |
3751 Robert M. Grissom Parkway, Suite 100,
Myrtle Beach, South Carolina |
29577 |
|
(Address of principal executive offices) | (Zip Code) |
o | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |
o | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |
o | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |
o | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
| to continue to maintain an active compliance committee to monitor and coordinate compliance with the Order; | ||
| to develop within 90 days, a revised strategic plan covering at least a three-year period, which shall, among other things, include a specific description of the goals and objectives to be achieved, the targeted markets, and the specific Bank personnel who are responsible and accountable for the plan; and to obtain OCC approval prior to any significant deviation from this strategic plan; | ||
| to develop, within 90 days, a revised three-year capital plan for the Bank, which shall, among other things, include specific plans for maintaining adequate capital, a discussion of the sources and timing of additional capital and contingency plans for alternative sources of capital, and specific plans detailing how the Bank will comply with the requirements in the Consent, including the restrictions on brokered deposits; and to achieve within 120 days and thereafter maintain a Tier 1 capital to adjusted total assets ratio of 8.5% and a Total capital to risk weighted assets ratio of 12%. | ||
| to conduct a written assessment of the capabilities of the Banks executive officers and to provide additional training or make such changes as the Board may determine appropriate based on this assessment; | ||
| to revise and maintain, within 60 days, a liquidity risk management program, which assesses, on an ongoing basis, the Banks current and projected funding needs, and ensures that sufficient funds exist to meet those needs; | ||
| to revise, within 60 days, the loan policy, ensure implementation and adherence to the concentration management program, and establish an independent and ongoing loan review program to review quarterly the banks loan portfolio and Allowance for Loan and Lease Losses; | ||
| to adopt and implement a plan for monitoring, managing or strengthening the criticized assets to promote the best interests of the Bank; and | ||
| to develop and implement, within 30 days, an independent review and analysis process to ensure that appraisals conform to appraisal standards and regulations. |
2
(d)
|
Exhibits. |
Exhibit | ||
Number | Description | |
|
||
10.1
|
Form of Consent Order, effective November 4, 2009, issued by the Comptroller of the Currency in the matter of Beach First National Bank. | |
|
||
10.2
|
Form of Stipulation and Consent to the Issuance of a Consent Order, effective November 4, 2009, between the Comptroller of the Currency and Beach First National Bank. | |
|
||
99.1
|
Press release for the quarter ended September 30, 2009. |
3
BEACH FIRST NATIONAL BANCSHARES, INC.
|
||||
By: | /s/ Gary S. Austin | |||
Name: | Gary S. Austin | |||
Title: | Chief Financial Officer | |||
4
Exhibit | ||
Number | Description | |
|
||
10.1
|
Form of Consent Order, effective November 4, 2009, issued by the Comptroller of the Currency in the matter of Beach First National Bank. | |
|
||
10.2
|
Form of Stipulation and Consent to the Issuance of a Consent Order, effective November 4, 2009, between the Comptroller of the Currency and Beach First National Bank. | |
|
||
99.1
|
Press release for the quarter ended September 30, 2009. |
5
1 Year Beach First National Bancshares (MM) Chart |
1 Month Beach First National Bancshares (MM) Chart |
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