exv10w2







Exhibit 10.2




FEDERAL DEPOSIT INSURANCE CORPORATION




WASHINGTON, D.C.



AND



STATE OF MICHIGAN



OFFICE OF FINANCIAL AND INSURANCE REGULATION



LANSING, MICHIGAN



	 	 	 	 	 
	 
	 	 	 	 
	 

	)	 	 	 
	In the Matter of

	)	 	 	STIPULATION TO
	 

	)	 	 	THE ISSUANCE OF A
	COMMUNITY SHORES BANK

	)	 	 	CONSENT ORDER
	MUSKEGON, MICHIGAN

	)	 	 	 
	 

	)	 	 	 
	(STATE CHARTERED

	)	 	 	FDIC-10-397b
	INSURED NONMEMBER BANK)

	)	 	 	 
	 

	)	 	 	 
	 
	 	 	 	 





     Subject to the acceptance of this STIPULATION TO THE ISSUANCE OF A CONSENT ORDER
(“STIPULATION”) by the Federal Deposit Insurance Corporation (“FDIC”) and the State of Michigan,
Office of Financial and Insurance Regulation, (“OFIR”), it is hereby stipulated and agreed by and
among representatives of the FDIC, OFIR, and Community Shores Bank, Muskegon, 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 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 under section 2304 of the Banking Code of







 









 





1999, Mich. Comp. Laws § 487.12304, and has knowingly waived that right.



     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, hereby consents and agrees to the issuance
of a CONSENT ORDER (“ORDER”) by the FDIC and OFIR.



     3. The Bank further stipulates and agrees that such ORDER shall be deemed to be an order which
has become final and unappealable, and that the ORDER shall become effective upon its issuance by
the FDIC and OFIR and fully enforceable by the FDIC and OFIR pursuant to the provisions of section
8(i) of the Act, 12 U.S.C. § 1818(i) and under Section 2311 of the Banking Code of 1999, Mich.
Comp. Laws § 487.12311, respectively, subject only to the conditions set forth in paragraph 4 of
this STIPULATION.



     4. In the event the FDIC and 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 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.




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     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;




          (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 25th day of August, 2010.




	 	 	 	 	 	 	 	 
								
	FEDERAL DEPOSIT INSURANCE 

CORPORATION, 

LEGAL DIVISION	 	COMMUNITY SHORES BANK

MUSKEGON, MICHIGAN	
	 
	 	 	 	 	 	 	
	By:

	 	/s/ Jann L. Harley
	 	By:
	 	/s/ Gary F. Bogner	
	 

	 	 
	 	 	 	 	
	 

	 	Jann L. Harley
	 	 	 	Gary F. Bogner	
	 

	 	Counsel
	 	 	 	Director	
	 
	 	 	 	 	 	 	
	OFFICE OF FINANCIAL AND 

	 	 	 	/s/ Heather D. Brolick	
	INSURANCE REGULATION 	 	 	 	 
 Heather
D. Brolick	
	 

	 	 	 	 	 	Director	
	 
	 	 	 	 	 	 	
	By:

	 	/s/ Stephen R. Hilker
	 	 	 	/s/ Robert L. Chandonnet	
	 

	 	 
	 	 	 	 	
	 

	 	Stephen R. Hilker
	 	 	 	Robert L. Chandonnet	
	 

	 	Chief Deputy Commissioner
	 	 	 	Director	
	 

	 	Office of Financial and	 	 	 	 	
	 

	 	Insurance Regulation	 	 	 	 	
	 

	 	State of Michigan	 	 	 	 	






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	 	                                           /s/ Bruce J. Essex
 	 
	 	Bruce J. Essex 	 
	 	Director 	 



	 	 	 	 	 
	 	      /s/ Steven P. Moreland
 	 
	 	Steven P. Moreland 	 
	 	Director 	 



	 	 	 	 	 
	 	/s/ Roger W. Spoelman
 	 
	 	Roger W. Spoelman 	 
	 	Director



Comprising the Board of Directors of
Community Shores Bank
Muskegon, Michigan 	 
	 




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