First Community Bank of America's Stipulation and Consent to the Issuance of an



 Exhibit 10.2 
 UNITED STATES OF AMERICA 
 Before the 

OFFICE OF THRIFT SUPERVISION 
  

					
	 	 	)	    	
	 In the Matter of
	 	)	    	Order No.: SE-11-010
		 	)	    	
		 	)	    	
	 FIRST COMMUNITY BANK OF
	 	)	    	Effective Date: February 24, 2011
	AMERICA	 	)	    	
		 	)	    	
	 Pinellas Park, Florida
	 	)	    	
	 OTS Docket No. 08074
	 	)	    	
	 	 	)	    	

 STIPULATION AND CONSENT TO ISSUANCE OF ORDER TO CEASE AND DESIST 

WHEREAS, the Office of Thrift Supervision (OTS), acting by and through its Regional Director for the Southeast Region (Regional
Director), and based upon information derived from the exercise of its regulatory and supervisory responsibilities, has informed First Community Bank of America, Pinellas Park, Florida, OTS Docket No. 08074 (Association), that the OTS is of the
opinion that grounds exist to initiate an administrative proceeding against the Association pursuant to 12 U.S.C. § 1818(b); 
 WHEREAS, the Regional Director, pursuant to delegated authority, is authorized to issue Orders to Cease and Desist where a savings association has consented to the issuance of an order; and

 WHEREAS, the Association desires to cooperate with the OTS to avoid the time and expense of such administrative cease
and desist proceeding by entering into this Stipulation and Consent to the Issuance of Order to Cease and Desist (Stipulation) and, without admitting or 

  
 First Community Bank of
America 
 Stipulation and Consent to Issuance of Order to Cease and Desist 
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denying that such grounds exist, but only admitting the statements and conclusions in Paragraphs 1 and 2 below concerning Jurisdiction, hereby stipulates and agrees to the following terms:

 Jurisdiction. 
 1. The
Association is a “savings association” within the meaning of 12 U.S.C. § 1813(b) and 12 U.S.C. § 1462(4). Accordingly, the Association is “an insured depository institution” as that term is defined in 12 U.S.C.
§ 1813(c). 
 2. Pursuant to 12 U.S.C. § 1813(q), the Director of the OTS is the “appropriate Federal banking agency”
with jurisdiction to maintain an administrative enforcement proceeding against a savings association. Therefore, the Association is subject to the authority of the OTS to initiate and maintain an administrative cease and desist proceeding against it
pursuant to 12 U.S.C. § 1818(b). 
 OTS Findings of Fact. 
 3. Based on its August 23, 2010 examination of the Association (2010 Examination), the OTS finds that the Association has engaged in unsafe or unsound banking practices including: 

(a) operating the Association with an inadequate level of capital protection for the volume, type and quality of assets held by the
Association; 
 (b) operating with inadequate earnings to augment capital and support reserves; 

(c) operating with an excessive level of adversely classified loans and assets; 

(d) operating the Association without an adequate and effective risk management function; 

(e) operating the Association with an inadequate allowance for loan and lease losses (ALLL) for the volume, type, and quality of loans and
leases held; 
 (f) operating with inadequate liquidity and funds management policies; 

(g) operating the Association with an excessive concentration of nonresidential real


  
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estate, land, interest only residential, and home equity lines of credit loans; and 
 (h) operating in contravention of supervisory policy statements and other guidance, including, but not limited to: 
 (i) the Interagency Guidelines Establishing Standards for Safety and Soundness; 

(ii) the Interagency Policy Statement on ALLL (December 13, 2006) and OTS Chief Executive Officer Memorandum No. 304 (ALLL-Observed
Thrift Practices Including Sound Practices), and 
 (iii) the Interagency Policy Statement on Funding and Liquidity Risk
Management (March 17, 2010). 
 4. Based on its 2010 Examination of the Association, the OTS finds that the Association has engaged in
violations of law and regulation, including: 
 (a) 12 C.F.R. Part 215 (relating to transactions with insiders); 

(b) 12 C.F.R. Part 223 and 12 C.F.R. § 563.41 (relating to transactions with affiliates); 

(c) 12 C.F.R. § 560.160 (relating to ALLL); 
 (d) 12 C.F.R. § 563.180 (relating to SAR filings); and 
 (e) 12 C.F.R. §
572.9 (relating to flood insurance). 
 Consent. 
 5. The Association consents to the issuance by the OTS of the accompanying Order to Cease and Desist (Order). The Association further agrees to comply with the terms of the Order upon the Effective Date
of the Order and stipulates that the Order complies with all requirements of law. 
 Finality. 

6. The Order is issued by the OTS under 12 U.S.C. § 1818(b). Upon the Effective Date, the Order shall be a final order, effective, and fully
enforceable by the OTS under the provisions of 12 

  
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 U.S.C. § 1818(i). 
 Waivers. 
 7. The Association waives the following: 

(a) the right to be served with a written notice of the OTS’s charges against it as provided by 12 U.S.C. § 1818(b) and 12
C.F.R. Part 509; 
 (b) the right to an administrative hearing of the OTS’s charges as provided by 12 U.S.C. § 1818(b)
and 12 C.F.R. Part 509; 
 (c) the right to seek judicial review of the Order, including, without limitation, any such right
provided by 12 U.S.C. § 1818(h), or otherwise to challenge the validity of the Order; and 
 (d) any and all claims against
the OTS, including its employees and agents, and any other governmental entity for the award of fees, costs, or expenses related to this OTS enforcement matter and/or the Order, whether arising under common law, federal statutes, or otherwise.

 OTS Authority Not Affected. 
 8. Nothing in this Stipulation or accompanying Order shall inhibit, estop, bar, or otherwise prevent the OTS from taking any other action affecting the Association if at any time the OTS deems it
appropriate to do so to fulfill the responsibilities placed upon the OTS by law. 
 Other Governmental Actions Not Affected.

 9. The Association acknowledges and agrees that its consent to the issuance of the Order is solely for the purpose of resolving the
matters addressed herein, consistent with Paragraph 8 above, and does not otherwise release, discharge, compromise, settle, dismiss, resolve, or in any way affect any actions, charges against, or liability of the Association that arise pursuant to
this action or 

  
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otherwise, and that may be or have been brought by any governmental entity other than the OTS. 
 Miscellaneous. 
 10. The laws of the United States of America shall govern the
construction and validity of this Stipulation and of the Order. 
 11. If any provision of this Stipulation and/or the Order is ruled to be
invalid, illegal, or unenforceable by the decision of any Court of competent jurisdiction, the validity, legality, and enforceability of the remaining provisions hereof shall not in any way be affected or impaired thereby, unless the Regional
Director in his or her sole discretion determines otherwise. 
 12. All references to the OTS in this Stipulation and the Order shall also mean
any of the OTS’s predecessors, successors, and assigns. 
 13. The section and paragraph headings in this Stipulation and the Order are for
convenience only and shall not affect the interpretation of this Stipulation or the Order. 
 14. The terms of this Stipulation and of the Order
represent the final agreement of the parties with respect to the subject matters thereof, and constitute the sole agreement of the parties with respect to such subject matters. 
 15. The Stipulation and Order shall remain in effect until terminated, modified, or suspended in writing by the OTS, acting through its Regional Director or other authorized representative. 

Signature of Directors/Board Resolution. 
 16. Each Director signing this Stipulation attests that he or she voted in favor of a Board Resolution authorizing the consent of the Association to the issuance of the Order and the execution of the
Stipulation. This Stipulation may be executed in counterparts by the directors after approval of execution of the Stipulation at a duly called board meeting. 

  
 First Community Bank of
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 Stipulation and Consent to Issuance of Order to Cease and Desist 
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 WHEREFORE, the Association, by its directors, executes this Stipulation. 

 

									
		 		 		 	Accepted by:
			
	FIRST COMMUNITY BANK	 		 	OFFICE OF THRIFT SUPERVISION
	 Pinellas Park, Florida
	 		 		 	
					
	 By:
	 	 /s/ Robert M. Menke
	 		 	By:	 	 /s/ James G. Price

		 	 Robert M. Menke
	 		 		 	James G. Price
		 	 Chairman
	 		 		 	Regional Director, Southeast Region
				
		 		 		 	Date: See Effective Date on page 1
		 	 /s/ Brad Bishop
	 		 		 	
		 	 Brad Bishop, Director
	 		 		 	
					
		 	 /s/ Kenneth P. Cherven
	 		 		 	
		 	 Kenneth P. Cherven, Director
	 		 		 	
					
		 	 /s/ Kenneth Delarbre
	 		 		 	
		 	 Kenneth Delarbre, Director
	 		 		 	
					
		 	 /s/ Kenneth F. Faliero
	 		 		 	
		 	 Kenneth F. Faliero, Director
	 		 		 	
					
		 	 /s/ James E. Macaluso
	 		 		 	
		 	 James E. Macaluso, Director
	 		 		 	
					
		 	 /s/ David K. Meehan
	 		 		 	
		 	 David K. Meehan, Director
	 		 		 	
					
		 	 /s/ Robert G. Menke
	 		 		 	
		 	 Robert G. Menke, Director
	 		 		 	


  
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America 
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