Federal Reserve Bank of St. Louis Extension Letter to Cadence Financial Corporation (Nov. 17, 2010)
This letter from the Federal Reserve Bank of St. Louis to Cadence Financial Corporation grants Cadence an extension until February 28, 2011, to submit a Capital Plan, Cash Flow Projections, and an Earnings Plan and Budget, as required by a previously executed Written Agreement. The extension is provided to allow Cadence's proposed new owner time to participate in preparing these documents. The letter outlines the new deadline and provides contact information for further questions.
Exhibit 10.2
November 17, 2010
Board of Directors
C/O Lewis F. Mallory, Jr., Chairman
Cadence Financial Corporation
301 East Main Street
P.O. Box 1187
Starkville, Mississippi 39760-1 187
Dear Board Members:
Regarding the Written Agreement (WA) executed today by the board of directors of Cadence Financial Corporation, Starkville, Mississippi (Cadence) and the Federal Reserve Bank of St. Louis, pursuant to Provision 13 of the WA, Cadence is hereby granted an extension of time to submit certain plans and projections required by the agreement. Specifically, Cadence is granted an extension to February 28, 2011, to submit a Capital Plan (Provision 4), Cash Flow Projections (Provision 6), and Earnings Plan and Budget (Provision 7). Granting this extension is intended to provide Cadence’s proposed new owner sufficient time to participate in the development and implementation of the required plans and projections.
If you have any questions, please contact me at ###-###-####, or Assistant Vice President Scott B. Smith at ###-###-####.
| Sincerely, |
| /s/ Timothy A. Bosch |
| Timothy A. Bosch |
| Vice President |
