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GRBS > SEC Filings for GRBS > Form 8-K on 16-Jul-2013All Recent SEC Filings

Show all filings for GREER BANCSHARES INC



Entry into a Material Definitive Agreement

Item 1.01 Entry into a Material Definitive Agreement

Effective May 3, 2013, the Written Agreement issued by the Federal Reserve Bank ("FRB") against Greer Bancshares Incorporated (the "Company") dated July 7, 2011 was terminated as a result of the improvement in the overall condition of the Company and was replaced with a Memorandum of Understanding ("FRB MOU"), which became effective May 29, 2013 upon final execution of the documents by the Company and the FRB. The FRB MOU is a step down in corrective action requirements as compared to the Written Agreement and reflects an improvement in the overall condition of the Company from "troubled" to "less than satisfactory". The FRB MOU requires the Company, among other things, to (i) preserve its cash; (ii) obtain the written consent of its supervisory authorities prior to paying any dividends with respect to its common or preferred stock or trust preferred securities, purchasing or redeeming any shares of its stock or incurring, increasing or guaranteeing any debt; and (iii) submit quarterly reports to the FRB regarding the Company's actions to comply with the requirements of the FRB MOU. As of July 16, the Company is in compliance with all requirements of the FRB MOU.

Item 9.01

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