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Banking Law Keyed to Carnell, 7th Ed.
Dodge v. Comptroller of the Currency
Citation:
744 F.3d 148 (2014)Facts
American Sterling Bank had received high composite ratings from the Office of Thrift Supervision prior to 2006, but by April 2007, the OTS became concerned about the bank’s declining capital reserves. Between April 2007 and May 2008, Dodge caused the bank to report four contributions as capital that did not qualify as such under regulatory standards: a $2 million participation in an unsecured loan to the California Republican Party that was later extended and ultimately forgiven; a $265,000 receivable from the holding company for a charged-off loan; $750,000 in receivables from an anticipated property sale that never materialized; and $706,949 in anticipated fee income from a service agreement that was never executed. These contributions were reported as capital over six consecutive reporting periods, making the bank appear “well-capitalized” when it was not. In June 2008, OTS ordered the bank to reverse three of these contributions, causing the bank to become “critically undercapitalized.” Although Dodge subsequently infused approximately $19.5 million into the bank, it failed to meet capitalization requirements and was placed in receivership in April 2009.
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