ex10-1.htm


FEDERAL DEPOSIT INSURANCE CORPORATION


WASHINGTON, D.C.


AND


STATE OF MICHIGAN


OFFICE OF FINANCIAL AND INSURANCE REGULATION FOR THE STATE OF MICHIGAN ("OFIR")


LANSING, MICHIGAN



	  	  	  
	  	
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In the Matter of

	
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STIPULATION AND


	  	
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CONSENT TO


	  	
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THE ISSUANCE OF


	  	
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A CONSENT ORDER


	
COMMUNITY CENTRAL BANK

	
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MOUNT CLEMENS, MICHIGAN

	
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FDIC-10-561b


	  	
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(STATE CHARTERED

	
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INSURED NONMEMBER BANK)

	
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Subject to the acceptance of this STIPULATION AND CONSENT TO THE ISSUANCE OF A CONSENT ORDER ("STIPULATION") by the Federal Deposit Insurance Corporation ("FDIC") and the OFFICE OF FINANCIAL AND INSURANCE REGULATION FOR THE STATE OF MICHIGAN ("OFIR"), it is hereby stipulated and agreed by and among representatives of the FDIC, the OFIR, and Community Central Bank, Mount Clemens, Michigan ("Bank") as follows:


1.           The Bank has been advised of its right to receive a NOTICE OF CHARGES AND OF HEARING ("NOTICE") detailing the unsafe or unsound banking practices and violations of law, rule or regulation alleged to have been committed by the Bank and of its right to a hearing on the charges under section 8(b) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. 


 




  





  


  





  






 


§ 1818(b), and of its right to a hearing on the charges under  § 2304 of the Banking Code of 1999, Mich. Comp Laws § 487.12304, regarding hearings before the OFIR, and has knowingly waived those rights.


2.  The Bank, solely for the purpose of this proceeding, and without admitting or denying any of the charges of unsafe or unsound banking practices and violations of law, rule or regulation, hereby consents and agrees to the issuance of a CONSENT ORDER ("ORDER") by the FDIC and the OFIR.


3.           The Bank further stipulates and agrees that such ORDER shall be deemed to be a consent order which has become final and unappealable, and that the ORDER shall become effective upon the date of issuance by the FDIC and the OFIR and fully enforceable by the FDIC and the OFIR pursuant to the provisions of section 8(i) of the Act, 12 U.S.C. § 1818(i) and under  § 2304 of the Banking Code of 1999, Mich. Comp Laws § 487.12304, respectively, subject only to the conditions set forth in paragraph 4 of this STIPULATION.


4.           In the event the FDIC and the OFIR accept this STIPULATION and issue the ORDER, it is agreed that no action to enforce the ORDER will be taken by the FDIC in the United States District Court or the appropriate Federal Circuit Court or by the OFIR in the appropriate State Circuit Court unless the Bank, any Bank institution-affiliated party, as that term is defined in section 3(u) of the Act, 12 U.S.C. § 1813(u), or any of its successors or assigns, has violated or is about to violate any provision of the ORDER.


5.           The Bank hereby waives:


       (a)    The receipt of a NOTICE;


       (b)    All defenses and counterclaims of any kind to this proceeding;


       (c)   A hearing for the purpose of taking evidence on the allegations in the NOTICE;


 




  





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       (d)    The filing of proposed findings of fact and conclusions of law;


       (e)    A recommended decision of an Administrative Law Judge; and


       (f)    Exceptions and briefs with respect to such recommended decision.







Dated this 29th day of October, 2010.








	
FEDERAL DEPOSIT INSURANCE


CORPORATION, LEGAL DIVISION


 


By:


 


 

	
COMMUNITY CENTRAL BANK


MOUNT CLEMENS, MICHIGAN


 


By:


 


	
/s/ Bryan R. Sup                               


Bryan R. Sup


Senior Regional Attorney

	
/s/ Gebran S. Anton                       


Gebran S. Anton


Director


	
 


 

	 
	
 

	
/s/ Salvatore Cottone                     


Salvatore Cottone


Director


	
 


 

	 
	
OFFICE OF FINANCIAL AND INSURANCE 


REGULATION FOR THE STATE OF MICHIGAN


 


By:


 

	
/s/ Celestina Giles                         


Celestina Giles


Director


	
 


/s/ Stephen R. Hilker                        


Stephen R. Hilker


Chief Deputy Commissioner


 

	
/s/ Joseph F. Jeannette                   


Joseph F. Jeannette


Director


 





 


 




  





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/s/ James T. Mestdagh                    


James T. Mestdagh


Director


	
 


 

	 
	  	
/s/ Dean S. Petitpren                       


Dean S. Petitpren


Director


	
 


 

	 
	  	
/s/ John W. Stroh III                       


John W. Stroh III


Director


 


	  	
/s/ David E. Weber                        


David E. Weber


Director


 


	  	
___________________________


David A. Widlak


President, CEO, and Director


 


	  	
Comprising the Board of Directors


of Community Central Bank


Mount Clemens, Michigan



















































  





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