Attached files
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| EX-99.1 - American Patriot Financial Group, Inc. | v194927_ex99-1.htm |
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
______________________
FORM
8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of
Report (Date of earliest event reported): August 17, 2010
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AMERICAN
PATRIOT FINANCIAL GROUP, INC.
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(Exact
name of registrant as specified in charter)
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Tennessee
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000-50771
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20-0307691
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(State
or other jurisdiction
of
incorporation)
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(Commission
File
Number)
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(IRS
Employer
Identification
No.)
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3095
East Andrew Johnson Highway, Greeneville, Tennessee
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37745
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(Address
of principal executive offices)
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(Zip
Code)
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Registrant’s
telephone number, including area code: (423)
636-1555
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N/A
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(Former
name or former address, if changed since last report)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligation of the registrant under any of the following
provisions (see General
Instruction A.2. below):
o Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item
8.01. Other Events.
On August
18, 2010, American Patriot Financial Group, Inc. (the “Company”), the holding
company for American Patriot Bank (the “Bank”), received from the Federal
Deposit Insurance Corporation (“FDIC”), a Supervisory Prompt Corrective Action
Directive (“Directive”), dated August 17, 2010, due to the Bank’s “significantly
undercapitalized” status. The Directive requires that the Bank submit
an acceptable capital restoration plan on or before August 31, 2010 providing
that, among other things, at a minimum, the Bank shall restore and maintain its
capital to the level of “adequately capitalized.” The Company will be required
to provide the FDIC assurance in the form of a financial commitment and guaranty
that the Bank will comply with the Bank’s capital restoration plan until the
Bank has been adequately capitalized on average during each of four consecutive
quarters and, in the event the Bank fails to so comply, to pay to the Bank the
lesser of five percent of the Bank's total assets at the time the Bank was
undercapitalized, or the amount which is necessary to bring the Bank into
compliance with all capital standards applicable to the Bank at the time it
failed to comply. In the event that the Bank does not increase its capital in
accordance with the requirements of the Directive, the Bank will be required
under the Directive to take immediately any necessary action to result in the
Bank’s acquisition by another depository institution holding company or merge
with another insured depository institution.
The Directive also reiterates a number
of restrictions already imposed on the Bank by the FDIC, including, but not
limited to, limitations on the Bank’s ability to pay dividends, to pay
management fees to the Company, to grow the Bank’s asset base, to make
acquisitions, establish new branches or engage in new lines of business, to pay
board and committee fees, to accept, renew or rollover brokered deposits and to
pay interest rates on deposits above prescribed national rates. The terms of the
Directive require that the Directive shall remain effective until the Bank has
been “adequately capitalized” on average for four consecutive calendar
quarters.
The foregoing description of the
Directive is qualified in its entirety by reference to the Directive, a copy of
which is filed herewith as Exhibit 99.1 and
incorporated herein by reference.
Item
9.01. Financial Statements and Exhibits.
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(d)
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Exhibits
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99.1
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FDIC
Supervisory Prompt Corrective Action Directive, dated August 17,
2010.
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SIGNATURES
Pursuant to the requirements of the
Securities Exchange Act of 1934, the registrant has duly caused this report to
be signed on its behalf by the undersigned hereunto duly
authorized.
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AMERICAN
PATRIOT FINANCIAL GROUP, INC.
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By:
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/s/ T. Don Waddell
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Name:
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T.
Don Waddell
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Title:
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Chief
Financial Officer
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Date:
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August
23, 2010
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EXHIBIT
INDEX
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99.1
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FDIC
Supervisory Prompt Corrective Action Directive, dated August 17,
2010.
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