Attached files
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| 8-K - SOUTHERN COMMUNITY FINANCIAL CORP | v211672_8k.htm |
| EX-10.2 - SOUTHERN COMMUNITY FINANCIAL CORP | v211672_ex10-2.htm |
| EX-99.1 - SOUTHERN COMMUNITY FINANCIAL CORP | v211672_ex99-1.htm |
FEDERAL
DEPOSIT INSURANCE CORPORATION
WASHINGTON,
D.C.
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In
the Matter of
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STIPULATION
TO
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SOUTHERN
COMMUNITY BANK AND
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THE
ISSUANCE OF A CONSENT
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TRUST
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ORDER
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WINSTON-SALEM,
NORTH CAROLINA
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FDIC-10-823b
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(Insured
State Nonmember Bank)
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Subject
to the acceptance of this STIPULATION TO THE ISSUANCE OF A CONSENT ORDER
(“STIPULATION”) by the Federal Deposit Insurance Corporation (“FDIC”), it is
hereby stipulated and agreed by and between a representative of the Legal
Division of the FDIC, the Commissioner (“Commissioner”) for the State of North
Carolina, State Banking Commission, and Southern Community Bank and Trust,
Winston-Salem, North Carolina (“Bank”), through its board of directors, as
follows.
1. The
Bank has been advised of its right to receive a written Notice of Charges and of
Hearing (“Notice”) detailing the unsafe or unsound banking practices and
violations of law and/or regulations alleged to have been committed by the Bank
(and as set forth in the Bank’s Report of Examination dated as of June 30,
2010) and of its right to a hearing on the alleged charges under section
8(b)(1) of the Federal Deposit Insurance Act (“Act”), 12 U.S.C. § 1818(b)(1),
and the FDIC’s Rules of Practice and Procedure (“Rules”), 12 C.F.R. Part 308,
and has waived those rights.
2. The
Bank, solely for the purpose of this proceeding and without admitting or denying
any of the alleged charges of unsafe or unsound banking practices and/or any
violations of law and/or regulations, hereby consents and agrees to the issuance
of a CONSENT ORDER (“ORDER”) by the FDIC and the Commissioner in the form
attached hereto. The Bank further stipulates and agrees that such
ORDER shall become effective immediately after its issuance by the FDIC and the
Commissioner and be fully enforceable by the FDIC pursuant to the provisions of
section 8(i)(1) of the Act, 12 U.S.C. § 1818(i)(1), and the Rules, and by the
Commissioner pursuant to of N.C. Gen. Stat. § 53-107.1 subject only to the
conditions set forth in paragraph 3 of this STIPULATION.
3. In
the event the FDIC accepts this STIPULATION and issues the ORDER, it is agreed
that no action to enforce said ORDER in the United States District Court will be
taken by the FDIC unless the Bank or any “institution-affiliated party”, as such
term is defined in section 3(u) of the Act, 12 U.S.C. § 1813(u), has violated or
is about to violate any provision of the ORDER.
4. The
Bank hereby waives:
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(a)
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the
receipt of a written Notice;
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(b)
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all
defenses to the charges to be set forth in the Notice;
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(c)
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a
hearing for the purpose of taking evidence regarding the allegations tobe
set forth in the Notice;
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(d)
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the
filing of Proposed Findings of Fact and Conclusions of
Law;
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(e)
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a
Recommended Decision of an Administrative Law Judge;
and
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(f)
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exceptions
and briefs with respect to such Recommended
Decision.
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Dated: February
16, 2011
FEDERAL
DEPOSIT INSURANCE CORPORATION
LEGAL
DIVISION
BY:
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/s/ Patrice R.
Walker
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Patrice
R. Walker
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Senior
Regional Attorney
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2
NORTH
CAROLINA STATE BANKING COMMISSION
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BY:
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/s/ Joseph A. Smith,
Jr.
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Joseph
A. Smith, Jr.
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Commissioner
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SOUTHERN
COMMUNITY BANK AND TRUST,
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WINSTON-SALEM,
NORTH CAROLINA
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BY:
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/s/ F. Scott Bauer
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F.
Scott Bauer
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/s/ Edward T.
Brown
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Edward
T. Brown
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/s/ James G.
Chrysson
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James
G. Chrysson
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/s/ James O.
Frye
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James
O. Frye
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/s/ Matthew G.
Gallins
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Matthew
G. Gallins
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/s/ Beverly Hubbard
Godfrey
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Beverly
Hubbard Godfrey
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3
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/s/ Lynn L.
Lane
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Lynn
L. Lane
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/s/ H. Lee Merritt,
Jr.
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H.
Lee Merritt, Jr.
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/s/ Stephen L.
Robertson
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Stephen
L. Robertson
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/s/ W. Samuel
Smoak
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W.
Samuel Smoak
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/s/ William G. Ward,
Sr., MD
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William
G. Ward, Sr., MD
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BOARD
OF DIRECTORS
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4