OTHER REAL ESTATE OWNED. (1) Within sixty (60) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to a policy to ensure that Other Real Estate Owned (“OREO”) is managed in accordance with 12 U.S.C. § 29 and 12 C.F.R. Part 34. The policy shall address:
OTHER REAL ESTATE OWNED. (b) The Borrower will not dispose of any stock or other equity interest in any of its Financial Institution Subsidiaries, whether by sale, assignment, lease or otherwise, without the prior written consent of Required Lenders; provided, however, that, if at the time thereof and immediately after giving effect thereto, on a pro forma basis, no Default or Event of Default shall exist or shall have occurred, the Borrower shall be permitted to allow Financial Institution Subsidiaries to be merged into or consolidated with any other Financial Institution Subsidiary.
OTHER REAL ESTATE OWNED. (1) Within ninety (90) days of the date of this Agreement, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written program to ensure that the Bank’s management of Other Real Estate Owned (“OREO”) is managed in accordance with 12 U.S.C. § 29 and 12 C.F.R. Part 34. At a minimum, the program shall:
OTHER REAL ESTATE OWNED. (1) Effective immediately, the Board shall take the necessary steps to ensure the Bank holds, manages and accounts for its Other Real Estate Owned (“OREO”) in accordance with GAAP, the OTS’ Examination Handbook, Section 251, “Real Estate Owned and Repossessed Assets,” December 2010, and 12 C.F.R. § 160.172, and any successor regulation or guidance, to include, at a minimum:
OTHER REAL ESTATE OWNED. (1) On or before March 31, 2016, the Board shall adopt, implement, and thereafter ensure Bank adherence to a program to ensure that OREO is managed in accordance with 12 U.S.C. § 29 and 12 C.F.R. Part 34 and the “Other Real Estate Owned” booklet of the Comptroller’s Handbook. The program shall, at a minimum, address:
OTHER REAL ESTATE OWNED. (1) Within ninety (90) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to appropriate written policies and procedures governing the Bank’s administration, from acquisition by the Bank through disposition to a third party, of Other Real Estate Owned (“OREO”) so that the OREO is managed in accordance with the requirements of 12 U.S.C. § 29 and 12 C.F.R. Part 34, Subpart E. The policies and procedures shall address, among other things, the following:
OTHER REAL ESTATE OWNED. (1) Within sixty (60) days of this Agreement, the Board shall revise the Bank’s policies and procedures to ensure the Bank obtains real estate appraisals and evaluations of its OREO in compliance with 12 C.F.R. Part 34, Advisory Letter 2003-9, OCC Bulletin 2005-6, and safe and sound banking practices, and appropriately disposes of OREO, to include at a minimum:
OTHER REAL ESTATE OWNED. (1) Within thirty (30) days from the effective date of this Agreement, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written action plan for each parcel of Other Real Estate Owned (“OREO”), to ensure that these assets are accounted for and managed in accordance with 12 U.S.C. § 29 and 12 C.F.R. Part 34. Further, upon transfer of an asset to OREO, the Board shall adopt, implement, and thereafter ensure Bank adherence to a written action plan for the OREO, to ensure that the asset is accounted for and managed in accordance with 12 U.S.C. § 29 and 12 C.F.R. Part 34. At a minimum, the plans shall:
OTHER REAL ESTATE OWNED. (1) Within thirty (30) days of the date of this Agreement, the Board shall develop written policies and procedures to ensure that each parcel of Other Real Estate Owned (“OREO”) is managed in accordance with 12 U.S.C. § 29 and 12 C.F.R. Part 34, Subpart E. At a minimum, the plans shall:
OTHER REAL ESTATE OWNED. (1) Within thirty (30) days, the Board shall adopt, implement, and thereafter ensure Bank adherence to action plans for each parcel of Other Real Estate Owned (“OREO”), in excess of One Hundred Thousand Dollars ($100,000), to ensure that these assets are managed in accordance with 12 C.F.R. § 160.172. At a minimum, the plans shall:
