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GRBS > SEC Filings for GRBS > Form 8-K on 22-Apr-2014All Recent SEC Filings

Show all filings for GREER BANCSHARES INC



Termination of a Material Definitive Agreement

Item 1.02 Termination of a Material Definitive Agreement.

On April 21, 2014, Greer Bancshares, Incorporated (the "Company"), parent company of Greer State Bank (the "Bank") received notice of the termination of the Memorandum of Understanding (the "MOU"), which was effective January 31, 2013, between the Bank, the Federal Deposit Insurance Corporation and the South Carolina Board of Financial Institutions. The termination of the MOU was effective April 17, 2014.

The MOU required the Bank, among other things, to (i) prepare and submit annual, comprehensive budgets; (ii) maintain a minimum 8% Tier one leverage capital ratio and a minimum 10% Total Risk based capital ratio; (iii) take various specified actions to continue to reduce classified assets; (iv) obtain the written consent of its supervisory authorities prior to paying any cash dividends; and (v) submit periodic reports to the FDIC regarding various aspects of the foregoing actions. The MOU, which was filed as Exhibit 10.1 to the Company's Report on Form 8-K filed with the Securities and Exchange Commission on March 26, 2013, and is incorporated herein by reference, and the foregoing summary is qualified in its entirety by reference to the full text of the MOU.

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