First Community Financial Partners, Inc. Announces Termination of Memoranda of Understanding with FDIC and State Regulator
August 15 2013 - 5:36PM
Business Wire
First Community Financial Partners, Inc. (OTCBB: FCMP) (“First
Community”), the holding company for First Community Financial Bank
(the “Bank”), announced today that the Memoranda of Understanding
applicable to the Bank with the Federal Deposit Insurance
Corporation (the “FDIC”) and the Illinois Department of
Financial and Professional Regulation, have been terminated,
effective as of August 12, 2013. As part of its previous
approval of the consolidation of the Company’s four prior banking
subsidiaries, the FDIC required that the consolidated bank remain
subject to the Memorandum of Understanding instituted at each of
First Community Bank of Joliet and First Community Bank of Homer
Glen & Lockport on March 21, 2012 and April 18, 2012,
respectively.
“We are pleased that our regulators have recognized the
improvement in the consolidated Bank’s condition and determined
that the Memoranda of Understanding are no longer warranted,” said
Roy C. Thygesen, Chief Executive Officer. “We are very proud of the
hard work that the entire Bank team has put in to achieve this
goal.”
About First Community Financial Partners, Inc.: The bank
holding company was formed following the organization of First
Community Bank of Joliet to participate with local business leaders
from other near west and southwest suburban communities to charter
additional local banks focused on commitment to their community.
Within five years, First Community Bank of Plainfield, First
Community Bank of Homer Glen & Lockport, Burr Ridge Bank and
Trust and new branches of First Community Bank of Joliet located in
Channahon and Naperville had opened their doors, following the
model consisting of local investors, board members and bankers.
Over the years, the reception by local businesses and professional
firms has proven that small and midsized businesses will respond to
the personal approach of a bank that is owned and operated by
experienced bankers who are invested in and concerned for the
future of their community.
About First Community Financial Bank: First Community
Financial Bank is a wholly owned banking subsidiary of First
Community Financial Partners, Inc., with locations in Joliet,
Plainfield, Homer Glen, Channahon, Naperville and Burr Ridge. The
combined result of four recently merged subsidiary bank charters,
the Bank remains dedicated to its founding principles by being
actively involved in the communities it serves and providing
exceptional personal service through experienced local
professionals.
Special Note Concerning Forward-Looking
Statements
Any statements other than statements of historical facts,
including statements about management’s beliefs and expectations,
are forward-looking statements and should be evaluated as such.
These statements are made on the basis of management’s views and
assumptions regarding future events and business performance. Words
such as “estimate,” “believe,” “anticipate,” “expect,” “intend,”
“plan,” “target,” “project,” “should,” “may,” “will” and similar
expressions are intended to identify forward-looking statements.
Forward-looking statements (including oral representations) involve
risks and uncertainties that may cause actual results to differ
materially from any future results, performance or achievements
expressed or implied by such statements. These risks and
uncertainties include the ability of First Community and its wholly
owned bank subsidiary to realize the synergies from the recent
merger of its non-wholly owned bank subsidiaries, as well as a
number of other factors related to the businesses of First
Community and its wholly owned bank subsidiary, including: risks
associated with the First Community’s possible pursuit of
acquisitions; economic conditions in First Community’s, and its
wholly owned bank subsidiary’s service areas; system failures;
losses of large customers; disruptions in the relationship with
third party vendors; losses of key management personnel and the
inability to attract and retain highly qualified management and
personnel in the future; changes in the extensive governmental
legislation and regulations governing banking; high costs of
regulatory compliance; the impact of legislation and regulatory
changes on the banking industry; and liability and compliance costs
regarding banking regulations. These and other risks and
uncertainties are discussed in more detail in First Community’s
filings with the Securities and Exchange Commission, including
First Community’s Annual Report on Form 10-K filed on March 15,
2013.
Many of these risks are beyond management’s ability to control
or predict. All forward-looking statements attributable to First
Community, and its wholly owned bank subsidiary or persons acting
on behalf of each of them are expressly qualified in their entirety
by the cautionary statements and risk factors contained in this
communication. Because of these risks, uncertainties and
assumptions, you should not place undue reliance on these
forward-looking statements. Furthermore, forward-looking statements
speak only as of the date they are made. Except as required under
the federal securities laws or the rules and regulations of the
Securities and Exchange Commission, First Community does not
undertake any obligation to update or review any forward-looking
information, whether as a result of new information, future events
or otherwise.
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