EXHIBIT 10.1


 


FEDERAL DEPOSIT INSURANCE CORPORATION


 


WASHINGTON, D.C.


 


	
   

  	
  )

  	
   

  
	
  In the Matter of

  	
  )

  	
  STIPULATION
  AND CONSENT

  
	
   

  	
  )

  	
  TO
  THE ISSUANCE OF AN ORDER

  
	
  ATLANTIC
  SOUTHERN BANK

  	
  )

  	
  TO CEASE AND DESIST

  
	
  MACON,
  GEORGIA

  	
  )

  	
   

  
	
   

  	
  )

  	
  FDIC-09-225b

  
	
  (Insured
  State Nonmember Bank)

  	
  )

  	
   

  
	
   

  	
  )

  	
   

  



 


Subject
to the acceptance of this STIPULATION AND CONSENT TO THE ISSUANCE OF AN ORDER
TO CEASE AND DESIST (“CONSENT AGREEMENT”) by the Federal Deposit Insurance
Corporation (“FDIC”), it is hereby stipulated and agreed by and between a representative
of the Legal Division of the FDIC, the Commissioner (“Commissioner”) for the
State of Georgia, Department of Banking and Finance and Atlantic Southern Bank,
Macon, Georgia (“Bank”), through its board of directors, as follows.


 


1.                                       The Bank has been
advised of its right to receive a written Notice of Charges and of Hearing (“Notice”)
detailing the unsafe or unsound banking practices and violations of law and/or
regulations alleged to have been committed by the Bank and of its right to a
hearing on the alleged charges under section 8(b)(1) of the Federal
Deposit Insurance Act (“Act”), 12 U.S.C. § 1818(b)(1), and the FDIC’s Rules of
Practice and Procedure (“Rules”), 12 C.F.R. Part 308, and has waived those
rights.


 

















 


2.                                       The Bank,
solely for the purpose of this proceeding and without admitting or denying any
of the alleged charges of unsafe or unsound banking practices and any
violations of law and/or regulations, hereby consents and agrees to the
issuance of an ORDER TO CEASE AND DESIST (“ORDER”) by the FDIC and the
Commissioner in the form attached hereto. 
The Bank further stipulates and agrees that such ORDER shall become
effective immediately after its issuance by the FDIC and the Commissioner and
be fully enforceable by the FDIC pursuant to the provisions of section 8(i)(1) of
the Act, 12 U.S.C. § 1818(i)(1), and the Rules, and by the Commissioner subject
only to the conditions set forth in paragraph 3 of this CONSENT AGREEMENT.


 


3.                                       In the event
the FDIC accepts this CONSENT AGREEMENT and issues the ORDER, it is agreed that
no action to enforce said ORDER in the United States District Court will be
taken by the FDIC unless the Bank or any “institution affiliated party”, as
such term is defined in section 3(u) of the Act, 12 U.S.C. § 1813(u), has
violated or is about to violate any provision of the ORDER.


 


4.                                       The Bank hereby
waives:


 


(a)                                  the receipt of
a written Notice;


 


(b)                                 all defenses to
the charges to be set forth in the Notice;


 


(c)                                  a hearing for
the purpose of taking evidence     regarding the allegations to be set forth in the
Notice;


 


(d)                                 the filing of
Proposed Findings of Fact and Conclusions of Law;


 


(e)                                  a Recommended
Decision of an Administrative Law Judge; and


 


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(f)                                    exceptions and
briefs with respect to such Recommended Decision.


 


Dated:  September 11th, 2009


 


	
  FEDERAL
  DEPOSIT INSURANCE CORPORATION

  	
   

  
	
  LEGAL
  DIVISION

  	
   

  
	
   

  	
   

  
	
  BY:

  	
   

  
	
  /s/
  Barbara J. Lukes

  	
   

  
	
   

  	
   

  
	
  Barbara
  J. Lukes

  	
   

  
	
  Counsel

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  GEORGIA
  DEPARTMENT OF BANKING AND FINANCE

  	
   

  
	
   

  	
   

  
	
  BY:

  	
   

  
	
  /s/
  Robert M. Braswell

  	
   

  
	
   

  	
   

  
	
  Robert
  M. Braswell

  	
   

  
	
  Commissioner

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  ATLANTIC
  SOUTHERN BANK

  	
   

  
	
  MACON,
  GEORGIA

  	
   

  
	
   

  	
   

  
	
  BY:

  	
   

  
	
   

  	
   

  
	
  /s/
  Raymond O. Ballard, Jr.

  	
   

  
	
  Raymond
  O. Ballard, Jr.

  	
   

  
	
   

  	
   

  
	
  /s/
  Peter R. Cates

  	
   

  
	
  Peter
  R. Cates

  	
   

  
	
   

  	
   

  
	
  /s/
  Carolyn Crayton

  	
   

  
	
  Carolyn
  Crayton

  	
   

  
	
   

  	
   

  
	
  /s/ James Douglas Dunwody

  	
   

  
	
  James
  Douglas Dunwody

  	
   

  
	
   

  	
   

  
	
  /s/
  William A. Fickling, III

  	
   

  
	
  William
  A. Fickling, III

  	
   

  



 


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  (continued
  on next page)

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  /s/ Michael C. Griffin

  	
   

  
	
  Michael C. Griffin

  	
   

  
	
   

  	
   

  
	
  /s/
  Carl E. Hofstadter

  	
   

  
	
  Carl
  E. Hofstadter

  	
   

  
	
   

  	
   

  
	
  /s/
  Laudis H. Lanford

  	
   

  
	
  Laudis
  H. Lanford

  	
   

  
	
   

  	
   

  
	
  /s/
  J. Russell Lipford, Jr.

  	
   

  
	
  J.
  Russell Lipford, Jr.

  	
   

  
	
   

  	
   

  
	
  /s/
  Thomas J. McMichael

  	
   

  
	
  Thomas
  J. McMichael

  	
   

  
	
   

  	
   

  
	
  /s/
  Donald Moore

  	
   

  
	
  Donald
  Moore

  	
   

  
	
   

  	
   

  
	
  /s/
  Tyler J. Rauls, Jr.

  	
   

  
	
  Tyler
  J. Rauls, Jr.

  	
   

  
	
   

  	
   

  
	
  /s/
  Hugh F. Smisson, III

  	
   

  
	
  Hugh
  F. Smisson, III

  	
   

  
	
   

  	
   

  
	
  /s/
  Mark A. Stevens

  	
   

  
	
  Mark
  A. Stevens

  	
   

  
	
   

  	
   

  
	
  /s/
  George Waters, Jr.

  	
   

  
	
  George
  Waters, Jr.

  	
   

  
	
   

  	
   

  
	
  THE
  BOARD OF DIRECTORS

  	
   

  



 


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