TDFI definition

TDFI means the Tennessee Department of Financial Institutions.
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TDFI has the meaning set forth in Section 3.06(a).
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TDFI. Tennessee Department of Financial Institutions.
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Examples of TDFI in a sentence

  • Moreover, if after achieving the capital levels required by the Consent Order and the Written Agreement, the Bank’s capital levels fell below those that the Bank had committed to maintain in the Consent Order and the Written Agreement, the Company believes that the FDIC and TDFI would not approve the payment of any further dividends to the Company until the Bank’s capital levels were again above those required by the Consent Order and the Written Agreement.

  • Following these discussions, the TDFI and the FDIC informed the Bank in August 2013 that neither the TDFI nor the FDIC would approve the payment of any dividends by the Bank while the Bank’s capital levels are below those set out in the Consent Order and Written Agreement.

  • Under the Tennessee Banking Act, a Tennessee state chartered bank may not pay dividends without the approval of the Commissioner of the TDFI in an amount that exceeds current year net income plus retained net income for the prior two years.

  • Since the issuance of the Securities, the Bank has not formally sought approval from the Commissioner of the TDFI to pay dividends to the Company because prior to the date of the MOU the Company did not require any dividends from the Bank to meet its obligations and after the date of the MOU certain of the Bank’s capital levels were below those that the Bank committed to maintain in the MOU (and thereafter the Consent Order and the Written Agreement).

  • As described above, in July 2013 the Bank engaged in preliminary discussions with the TDFI and FDIC regarding the ability of the Bank to pay dividends and was informed that neither the TDFI nor the FDIC would permit the Bank to pay dividends because the Bank’s capital levels were deemed to be insufficient.

  • Because of the significant losses the Bank incurred in 2009, 2010 and 2011, the Bank was unable to pay dividends to the Company without prior approval of the Commissioner of the TDFI from the third quarter of 2009 until the first quarter of 2014.

  • Even if the Bank’s capital levels exceeded those required by the Consent Order and the Written Agreement, the Company does not believe that the FDIC or TDFI would consent to the payment of dividends by the Bank (i) in amounts that exceeded the current year’s net income or (ii) if the payment of such dividend would cause any of the Bank’s capital levels to fall below those the Bank has committed to maintain in the Consent Order and the Written Agreement.

  • In the event that each of the Bank’s capital levels (including its leverage capital) were above the levels required by the Written Agreement and the Consent Order, the Bank’s ability to pay dividends to the Company would continue to be subject to the remaining requirements of the Consent Order and the Written Agreement, each of which require the prior consent of the FDIC and TDFI before the Bank may pay dividends.

  • As a result of the Written Agreement and Consent Order described in Section 1(a)(vi) of this Schedule C, the Bank must obtain the approval of the TDFI and FDIC in order to declare and pay cash dividends to the Company.

  • In the event that each of the Bank’s capital levels were above the levels required by the Written Agreement and the Consent Order, the Bank’s ability to pay dividends to the Company would continue to be subject to the remaining requirements of the Consent Order and the Written Agreement, each of which require the prior consent of the FDIC and TDFI before the Bank may pay dividends.

Related to TDFI

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