Maintain a Board committee to oversee the Bank’s compliance with the Order;

Develop, within 60 days of the date of the Order, a strategic plan covering at least a three-year period that establishes objectives for the Bank’s overall risk profile, earnings performance, growth, balance sheet mix, off-balance sheet activities, liability structure, capital adequacy, reduction in volume of nonperforming assets, product line development, and market segments that the Bank intends to promote or develop, together with strategies to achieve those objectives;

Develop and implement, within 60 days of the date of the Order, a capital plan that increases the Bank’s Total risk-based capital ratio and Tier 1 capital ratio to at least 12% and 9%, respectively, within 120 days of the date of the Order;

Prepare and submit, within 90 days of the date of the Order, a written assessment of the capabilities of certain of the Bank’s officers and, if the Board determines an officer’s performance needs improvement, implement a written program to improve the officer’s performance, skills and abilities;

Ensure adherence to the Bank’s written program to reduce and manage the high level of credit risk in the Bank, and at least quarterly prepare a written assessment of the Bank’s credit risk and the Bank’s adherence to the program;

Implement and adhere to a written program designed to protect the Bank’s interest in those assets criticized as “doubtful”, “substandard” or “special mention”;

Not extend, directly or indirectly, any additional credit to any borrower whose loans or other extensions of credit are criticized and whose aggregate loans and extensions of credit exceed $250,000, unless the Board makes certain determinations;

Establish, within 60 days of the date of the Order, an effective independent and ongoing independent loan review program to review, at least semi-annually, the Bank’s loan portfolio, to assure timely identification and categorization of problem credits;

Maintain and adhere to a written policy and procedures for the maintenance of an adequate Allowance for Loan and Lease Losses;

Adopt, implement and ensure adherence to an independent, risk-based audit program of all Bank operations and ensure immediate actions are undertaken to remedy deficiencies cited in audit reports;

Revise and maintain, within 60 days of the date of the Order, a comprehensive liability risk management program; and

Agree to certain limitations on third party contracts.

 

Stipulation to the Issuance of a Consent Order, dated October 27, 2011.

Consent Order between Mountain National Bank and the Office of the Comptroller of the Currency, dated October 27, 2011.

Press Release, dated October 28, 2011.

 

Stipulation to the Issuance of a Consent Order, dated October 27, 2011.

Consent Order between Mountain National Bank and the Office of the Comptroller of the Currency, dated October 27, 2011.

Press Release, dated October 28, 2011.