Regulatory Alerts2002-06-26
Approval of Capital Restructuring Proposal for Lancaster, Pennsylvania Bank
The Pennsylvania Department of Banking approved a capital restructuring proposal for a Lancaster bank involving a $44 million surplus distribution and the formation of a Delaware limited liability company subsidiary. The approval is contingent upon the Federal Deposit Insurance Corporation confirming that the subsidiary's preferred interests qualify as Tier One capital under federal regulations. The Department also authorized amendments to the bank's Articles of Incorporation to permit the issuance of non-cumulative perpetual preferred stock subject to specific filing requirements.
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