Attached files
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| 8-K - PROVIDENT COMMUNITY BANCSHARES, INC. | v206466_8k.htm |
| EX-10.1 - PROVIDENT COMMUNITY BANCSHARES, INC. | v206466_ex10-1.htm |
UNITED
STATES OF AMERICA
DEPARTMENT
OF THE TREASURY
COMPTROLLER
OF THE CURRENCY
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In
the Matter of:
Provident
Community Bank, N.A.
Rock
Hill, South Carolina
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)
)
)
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AA-EC-10-119
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STIPULATION
AND CONSENT TO THE ISSUANCE
OF
A CONSENT ORDER
WHEREAS, the Comptroller of
the Currency of the United States of America (“Comptroller” or “OCC”) intends to
initiate cease and desist proceedings against Provident Community Bank, N.A.,
Rock Hill, South Carolina (“Bank”), pursuant to 12 U.S.C. § 1818(b),
through the issuance of a Notice of Charges, for unsafe and unsound banking
practices relating to the supervision of the Bank;
WHEREAS, the Bank, in the
interest of compliance and cooperation, and without admitting or denying any
wrongdoing, consents to the issuance of a Consent Order, dated December 21, 2010
(“Order”) by executing this Stipulation and Consent to the Issuance of a Consent
Order;
NOW THEREFORE, the
Comptroller, through his authorized representative, and the Bank, through its
duly elected and acting Board of Directors, hereby stipulate and agree to the
following:
ARTICLE
I
JURISDICTION
(1)
The Bank is a national banking association chartered and examined by the
Comptroller pursuant to the National Bank Act of 1864, as amended,
12 U.S.C. § 1 et seq.
(2)
The Comptroller is “the appropriate Federal banking agency” regarding the Bank,
pursuant to 12 U.S.C. §§ 1813(q) and 1818(b).
(3)
The Bank is an “insured depository institution” within the meaning of
12 U.S.C. § 1818(b)(1).
ARTICLE
II
ACKNOWLEDGMENTS
(1) The
Bank acknowledges that said Order shall be deemed an “order issued with the
consent of the depository institution,” as defined in 12 U.S.C.
§ 1818(h)(2), and consents and acknowledges that said Order shall become
effective upon its issuance and shall be fully enforceable by the Comptroller
under the provisions of 12 U.S.C. § 1818. Notwithstanding
the absence of mutuality of obligation, or of consideration, or of a contract,
the Comptroller may enforce any of the commitments or obligations herein
undertaken by the Bank under his supervisory powers, including 12 U.S.C.
§ 1818, and not as a matter of contract law. The Bank expressly
acknowledges that neither the Bank nor the Comptroller has any intention to
enter into a contract.
(2) The
Bank also expressly acknowledges that no officer or employee of the Comptroller
has statutory or other authority to bind the United States, the U.S. Treasury
Department, the Comptroller, or any other federal bank regulatory agency or
entity, or any officer or employee of any of those entities to a contract
affecting the Comptroller’s exercise of his supervisory
responsibilities.
ARTICLE
III
WAIVERS
(1) The
Bank, by signing this Stipulation and Consent, hereby waives:
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(a)
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the
issuance of a Notice of Charges pursuant to 12 U.S.C.
§ 1818(b);
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(b)
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any
and all procedural rights available in connection with the issuance of the
Order;
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(c)
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all
rights to a hearing and a final agency decision pursuant to 12 U.S.C.
§ 1818(i) or 12 C.F.R. Part
19;
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2
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(d)
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all
rights to seek any type of administrative or judicial review of the Order;
and
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(e)
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any
and all rights to challenge or contest the validity of the
Order.
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ARTICLE
IV
CLOSING
PROVISIONS
(1) The
provisions of this Stipulation and Consent shall not inhibit, estop, bar, or
otherwise prevent the Comptroller from taking any other action affecting the
Bank if, at any time, the Comptroller deems it appropriate to do so to fulfill
the responsibilities placed upon him by the several laws of the United States of
America.
IN
TESTIMONY WHEREOF, the undersigned, authorized by the Comptroller as his
representative,
has hereunto set his hand on behalf of the Comptroller.
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Henry
Fleming
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Date
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Director,
Special Supervision Division
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3
IN
TESTIMONY WHEREOF, the undersigned, as the duly elected and acting Board of
Directors of the Bank, have hereunto set their hands on behalf of the
Bank.
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/s/ Robert H. Breakfield
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December 21, 2010
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Robert
H. Breakfield
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Date
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/s/ William M. Graham
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December 21, 2010
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William
M. Graham
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Date
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/s/ Carl L. Mason
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December 21, 2010
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Carl
L. Mason
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Date
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/s/ Russell M. Smart
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December 21, 2010
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Russell
M. Smart
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Date
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/s/ Philip C. Wilkins
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December 21, 2010
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Philip
C. Wilkins
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Date
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/s/ Dwight V. Neese
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December 21, 2010
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Dwight
V. Neese
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Date
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4