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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Auburn Bancorp Inc (PK) | USOTC:ABBB | OTCMarkets | 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% | 8.46 | 8.36 | 8.80 | 1 | 13:00:01 |
United States
|
000-53370
|
26-2139168
|
||
(State or Other Jurisdiction
of Incorporation)
|
(Commission File No.)
|
(I.R.S. Employer
Identification No.)
|
256 Court Street, P.O. Box 3157, Auburn, Maine
|
04212
|
|
(Address of Principal Executive Offices)
|
(Zip Code)
|
[ ]
|
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
|
[ ]
|
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
|
[ ]
|
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
|
[ ]
|
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
(i)
|
develop and implement a Business Plan/Risk Reduction Plan that, among other things, (1) establishes projected capital levels sufficient to support the Bank’s existing and prospective risk profile and comply with the requirements in the Bank MOU to reduce concentrations in classified assets, criticized assets and higher risk loans; (2) contains a detailed discussion of the Bank’s plan to limit higher risk activities; (3) realistically assesses and recognizes increased operating expenses related to staffing and establishing compliance with the Bank MOU; (4) includes a prohibition against materially deviating from the Plan without the prior non-objection of the OTS; and (5) includes a detailed budget;
|
(ii)
|
develop and implement a written program to reduce and control concentration risk;
|
(iii)
|
obtain the non-objection of the OTS before making any additional commercial real estate loans or commercial and industrial loans;
|
(iv)
|
make certain revisions to its loan underwriting, appraisal, and credit administration policies and procedures;
|
(v)
|
develop and implement a revised internal loan review program;
|
(vi)
|
develop and implement a revised Allowance for Loan and Lease Losses (“ALLL”) Policy;
|
(vii)
|
develop and implement Real Estate Owned (“REO”) policies and procedures consistent with regulatory requirements;
|
(viii)
|
develop and implement a plan to reduce criticized assets;
|
(ix)
|
not increase its brokered deposits without the prior non-objection of the OTS; and
|
(x)
|
hold board of directors meetings, and record minutes from such meetings, that are separate from those of the Holding Companies.
|
(i)
|
develop and implement a financial plan designed to: (1) support the Bank in complying with all applicable laws, rules and regulations and the terms and conditions of the Bank MOU; (2) cause the Holding Companies to maintain a capital position that is commensurate with their risk profiles and minimize their dependency on capital distributions from the Bank; and (3) address the Holding Companies’ cash flow needs;
|
(ii)
|
not incur any debt without the prior non-objection of the OTS;
|
(iii)
|
not make any capital distributions without the prior non-objection of the OTS;
|
(iv)
|
conduct an analysis of the allocation of expenses between the Holding Companies and the Bank; and
|
(v)
|
hold board of directors meetings, and record minutes from such meetings, that are separate from those of the Bank.
|
|
10.1
|
Memorandum of Understanding Between the Office of Thrift Supervision and Auburn Savings Bank, FSB
|
|
10.2
|
Memorandum of Understanding Between the Office of Thrift Supervision, Auburn Bancorp, Inc. and Auburn Bancorp, MHC
|
AUBURN BANCORP, INC.
|
||
DATE: January 27, 2011
|
By:
|
/s/ Allen T. Sterling
|
Allen T. Sterling
|
||
President and Chief Executive Officer
|
1 Year Auburn Bancorp (PK) Chart |
1 Month Auburn Bancorp (PK) Chart |
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