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FFBH > SEC Filings for FFBH > Form 8-K on 27-Jun-2013All Recent SEC Filings

Show all filings for FIRST FEDERAL BANCSHARES OF ARKANSAS INC | Request a Trial to NEW EDGAR Online Pro



Termination of a Material Definitive Agreement

Item 1.02. Termination of a Material Definitive Agreement.

On June 21, 2013, the Federal Reserve Bank (the "FRB"), which, as successor to the Office of Thrift Supervision (the "OTS"), is the primary regulator of First Federal Bancshares of Arkansas, Inc. (the "Company"), issued a letter terminating the Cease and Desist Order issued by the OTS on April 12, 2010 (the "Company Order"), effective immediately. The action also terminates the related Stipulation and Consent to Issuance of Order to Cease and Desist between the Company and the OTS.

The Company Order imposed certain operations restrictions on the Company, including dividend, share repurchase and debt restrictions. In particular, the Company was required to seek the prior non-objection before declaring any dividend, effecting any capital distribution or stock transaction, or incurring any debt. The Company Order also required the Company to take certain actions, including the submission to the OTS of capital plans to, among other things, preserve and enhance the capital of the Company. The foregoing description of the Company Order is qualified in its entirety by reference to the Company Order, a copy of which was attached as Exhibit 10.08 to the Company's Annual Report on Form 10-K filed with the SEC on April 15, 2010.

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