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METR > SEC Filings for METR > Form 8-K on 23-Oct-2012All Recent SEC Filings

Show all filings for METRO BANCORP, INC.



Termination of a Material Definitive Agreement

Item 1.02. Termination of a Material Definitive Agreement.

Metro Bank (the "Bank"), wholly-owned subsidiary of Metro Bancorp, Inc., was informed on October 19, 2012, that the Federal Deposit Insurance Corporation (the "FDIC") has terminated the Consent Order ("Order") issued by the FDIC against the Bank on April 29, 2010. The Order Terminating the Consent Order was dated October 16, 2012.
The Order required the Bank to take all necessary steps, consistent with the Order and sound banking practices, to correct and prevent certain unsafe or unsound banking practices and violations of law or regulation alleged by the FDIC to have been committed by the Bank in connection with the Bank's anti-money laundering and Bank Secrecy Act program. The Bank was required to address each alleged deficiency identified by the FDIC and to ensure that the Bank is operated with adequate management supervision and Board oversight in order to prevent any future unsafe or unsound banking practice and violation of law and/or regulation.
The Order had been issued pursuant to Section 8(b) of the Federal Deposit Insurance Act and accordingly, remained in effect until terminated by the FDIC. A substantially similar consent order that had been issued by the Pennsylvania Department of Banking on April 29, 2010 was terminated by the Department effective April 12, 2012.
The Company's press release announcing termination of the Order is attached hereto as Exhibit 99.1.
Item 9.01. Financial Statements and Exhibits
(d) Exhibits Exhibit No.
99.1 Press Release, dated October 23, 2012

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