GB&T Bancshares Inc - Current report filing (8-K)
01 12월 2007 - 6:18AM
Edgar (US Regulatory)
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
November 26,
2007
Date of report (Date of
earliest event reported)
GB&T Bancshares, Inc.
(Exact Name of Registrant as
Specified in Charter)
Georgia
(State or Other Jurisdiction
of Incorporation)
0-24203
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58-2400756
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(Commission File Number)
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(IRS Employer
Identification No.)
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500 Jesse Jewell
Parkway, S.E., Gainesville, Georgia
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30501
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(Address of Principal
Executive Offices)
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(Zip Code)
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770-532-1212
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(Registrants Telephone
Number, Including Area Code)
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Not Applicable
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(Former Name or Former
Address, if Changed Since Last Report)
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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 1.01 Entry into a Material Definitive Agreement
On November 26, 2007, HomeTown Bank of Villa Rica (the Bank), a
wholly-owned subsidiary of GB&T Bancshares, Inc. a Georgia corporation (the
Company), executed and entered into a Stipulation and Consent Agreement with
the Federal Deposit Insurance Corporation (the FDIC) and the Georgia Department
of Banking and Finance agreeing to the issuance of a Cease and Desist Order
(the Order). The Order will become
effective on December 6, 2007. The FDIC
will make a copy of the Order available on its website which is located at www.fdic.gov. The contents of the FDIC website are not
incorporated by reference into this report.
Among
other things, the Order addresses the supervision and education of the Banks board
of directors, the Banks management team, the Banks equity capital and
reserves in relation to the volume and quality of assets held, the Banks level
of poor quality loans, the Banks allowance for loan and lease losses (ALLL),
the Banks lending and collection practices, the Banks routine and internal controls
policies, and alleged violations of certain laws, regulations and FDIC
statements of policy.
Under
the terms of the Order, the Bank has agreed to take a number of affirmative steps,
including, among other things, increasing the participation of the board of
directors in the affairs of the Bank; assessing the qualifications and
experience of management to comply with the requirements of this Order and
operate the Bank in a safe and sound manner; achieving and maintaining a Tier 1
Capital ratio equal to or exceeding 7.0% of the Banks total assets; in
addition to a fully funded loan reserve, developing a plan to meet the minimum
risk-based capital requirements as described in the FDIC Statement of Policy on
Risk-Based Capital; eliminating certain assets classified as loss, doubtful
or substandard; performing a risk segmentation analysis and reducing concentrations
in the loan portfolio; establishing effective systems for loan review and
grading, loan documentation, and ALLL; and establishing a written strategic
business plan. Over the past several
months, the Bank has begun the implementation of many of the items contained in
the Order and many of the conditions imposed by the Order are extensions of these
actions.
2
SIGNATURES
Pursuant to the
requirements of Section 12 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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GB&T Bancshares, Inc.
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By:
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/s/ Gregory L. Hamby
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Gregory L. Hamby
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Executive Vice President and
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Chief Financial Officer
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Dated: November 30, 2007
3
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