Stipulation and Consent to the Issuance of a Consent Order dated April 29, 2010 between the FDIC and Metro Bank

EX-10.2 3 ex10-2.htm EXHIBIT 10.2 ex10-2.htm
 
Exhibit 10.2
FEDERAL DEPOSIT INSURANCE CORPORATION
 
WASHINGTON, D.C.
 
 
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In the Matter of
 
METRO BANK
LEMOYNE, PENNSYLVANIA
 
(INSURED STATE NONMEMBER BANK)
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STIPULATION AND CONSENT
TO THE ISSUANCE OF A
CONSENT ORDER
 
FDIC-10-137b

 
Subject to the acceptance of this STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER ("CONSENT AGREEMENT") by the Federal Deposit Insurance Corporation ("FDIC"), it is hereby stipulated and agreed by and between a representative of the Legal Division of the FDIC and METRO BANK ("Bank"), LEMOYNE, PENNSYLVANIA, as follows:
 
1. The Bank has been advised of its right to receive a NOTICE OF CHARGES AND OF HEARING ("NOTICE") detailing the unsafe or unsound banking practices and the violations of law and/or regulation alleged to have been committed by the Bank and of its right to a hearing on the alleged charges under section 8(b)(1) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818 (b)(1) and the FDIC Rules of Practice and Procedure, 12 C.F.R. Part 308, and has waived those rights.
 
2. The Bank is represented by counsel.
 
3. The Bank, solely for the purpose of this proceeding, and without admitting or denying any of the alleged charges of unsafe or unsound banking practices and any violations of law and/or regulation, hereby consents and agrees to the issuance of a CONSENT ORDER ("ORDER") by the FDIC. The Bank further stipulates and agrees that such ORDER shall be deemed to be a final ORDER and that such ORDER shall become effective immediately upon the date of issuance by the

 
 
 

 
FDIC and fully enforceable by the FDIC pursuant to the provisions of section 8(i)(1) of the Act, 12 U.S.C. § 1818(i)(1), subject only to the conditions set forth in paragraph 4 of this CONSENT AGREEMENT.
 
4. In the event the FDIC accepts this CONSENT AGREEMENT and issues the ORDER, it is agreed that no action will be taken by the FDIC against the Bank to enforce the ORDER in the United States District Court unless the Bank or any director, officer, employee, agent, successor or assignee, or other institution-affiliated party, has violated or is about to violate any provision of such ORDER.
 
5. The Bank hereby waives:

 
(a)
the receipt of a NOTICE;
 
 
(b)
all defenses of any kind to the NOTICE and in this proceeding;
 
 
(c)
a public hearing for the purpose of taking evidence on such alleged charges;
 
 
(d)
the filing of PROPOSED FINDINGS OF FACT AND CONCLUSIONS OF LAW;
 
 
(e)
the issuance of a recommended decision of an administrative law judge;
 
 
(f)
the filing of exceptions and briefs with respect to such recommended decision; and
 
 
(g)
judicial review of the ORDER as provided by section 8(h) of the Act, 12 U.S.C. § 1818(h), or any other challenge to the validity of the ORDER.
 
 
Dated this 27th day of April, 2010.
FDIC
METRO BANK
LEGAL DIVISION
LEMOYNE, PENNYSLVANIA
BY:
BY:

/s/ Wendy L. Markee
   /s/ James R. Adair 
Wendy L. Markee
  
James R. Adair, Director
Counsel
    
 
 
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/s/ John J. Cardello
 
John J. Cardello, Director
   
 
/s/ Douglas S. Gelder
 
Douglas S. Gelder, Director
   
  /s/ Alan R. Hassman 
 
Alan R. Hassman, Director
   
 
/s/ Howell C. Mette
 
Howell C. Mette, Director
   
 
/s/ Gary L. Nalbandian
 
Gary L. Nalbandian, Director
   
 
/s/ Michael A. Serluco
 
Michael A. Serluco, Director
   
 
/s/ Samir J. Srouji
 
Samir J. Srouji, Director
   
 
Comprising the Board of Directors of
 
METRO BANK
 
LEMOYNE, PENNSYLVANIA
 
 
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