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COB > SEC Filings for COB > Form 8-K on 8-Nov-2013All Recent SEC Filings

Show all filings for COMMUNITYONE BANCORP | Request a Trial to NEW EDGAR Online Pro

Form 8-K for COMMUNITYONE BANCORP


8-Nov-2013

Termination of a Material Definitive Agreement


Item 1.02 Termination of a Material Definitive Agreement

On November 5, 2013, the Federal Reserve Bank of Richmond ("FRBR") terminated its Written Agreement with CommunityOne Bancorp, Charlotte, North Carolina ("Company"). The Federal Reserve is the primary federal regulator for the Company.
The Written Agreement, which had been entered into on October 21, 2010, had required, among other things, that the Company use its financial and managerial resources to serve as a source of strength to the Company's primary bank subsidiary, CommunityOne Bank, N.A., Asheboro, North Carolina ("Bank"). The Company also had agreed not to declare or pay any dividends, take any dividends or other form of payment representing a reduction in capital from the Bank, make any distributions of interest, principal or other amounts on subordinated debentures or trust preferred securities or incur, increase or guarantee any debt, or repurchase or redeem shares of stock without the prior written approval of the FRBR and the Director of the Division of Banking Supervision and Regulation of the Federal Reserve. The Company also had been required to submit to the FRBR a written plan to maintain sufficient capital at the Company on a consolidated basis. The Order had been attached as Exhibit 10.1 to the Form 8-K filed with the Securities and Exchange Commission on October 26, 2010. The OCC had terminated its enforcement order with the Bank on June 10, 2013. With the termination of the Written Agreement, the Company and the Bank are no longer subject to any formal supervisory orders. However the Company continues to have restrictions on its ability to declare or pay dividends, distribute interest, principal or other amounts on its trust preferred securities, incur, increase or guarantee any debt, or repurchase or redeem any shares of stock.


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