{{5-31-02 p.C-552}}
[¶10,114A] In the Matter of Corpus Christi National Bank, Corpus Christi, Texas,
Docket No. 90-226kk (9-18-90).
FDIC issues order conditionally granting approval for waiver of
cross-guaranty.
[.1] Cross-GuarantyWaiverConditional on Acquisition
[.2] Cross-GuarantyWaiverConditional on Stipulation Regarding Sale of
Stock
[.3] Holding CompanyInjection of CapitalCondition of Cross-Guaranty
Waiver
[.4] Sale or Merger of BankTime Frame for Completion of All Transactions
[.5] Cross-GuarantyWaiverRevocation for Non-Compliance
In the Matter of
CORPUS CHRISTI NATIONAL BANK
(formerly MBANK CORPUS CHRISTI,NATIONAL ASSOCIATION)
CORPUS CHRISTI, TEXAS
(Insured Depository Institution )
related to
MBANK ABILENE, NATIONAL ASSOCIATION
ABILENE, TEXAS
and
MBANK AUSTIN, NATIONAL ASSOCIATION
AUSTIN, TEXAS
and
MBANK BRENHAM, NATIONAL ASSOCIATION
BRENHAM, TEXAS
and
MBANK DALLAS, NATIONAL ASSOCIATION
DALLAS, TEXAS
and
MBANK FORT WORTH, NATIONAL ASSOCIATION
FORT WORTH, TEXAS
and
MBANK HOUSTON, NATIONAL ASSOCIATION
HOUSTON, TEXAS
and
MBANK ODESSA, NATIONAL ASSOCIATION
ODESSA, TEXAS
and
MBANK ROUND ROCK, NATIONAL ASSOCIATION
ROUND ROCK, TEXAS
and
MBANK MIDCITIES, NATIONAL ASSOCIATION
ARLINGTON, TEXAS
and
MBANK CORSICANA, NATIONAL ASSOCIATION
CORSICANA, TEXAS
and
MBANK GREENVILLE, NATIONAL ASSOCIATION
GREENVILLE, TEXAS
and
MBANK DENTON COUNTY,NATIONAL ASSOCIATION
LEWISVILLE, TEXAS
and
MBANK LONGVIEW, NATIONAL ASSOCIATION
LONGVIEW, TEXAS
and
MBANK MARSHALL, NATIONAL ASSOCIATION
MARSHALL, TEXAS
and
MBANK ORANGE, NATIONAL ASSOCIATION
ORANGE, TEXAS
and
MBANK JEFFERSON COUNTY,NATIONAL ASSOCIATION
PORT ARTHUR, TEXAS
and
MBANK ALAMO, NATIONAL ASSOCIATION
SAN ANTONIO, TEXAS
and
MBANK SHERMAN, NATIONAL ASSOCIATION
SHERMAN, TEXAS
and
MBANK THE WOODLANDS,NATIONAL ASSOCIATION
THE WOODLANDS, TEXAS
and
MBANK WICHITA FALLS,NATIONAL ASSOCIATION
WICHITA FALLS, TEXAS
and
MBANK WACO, NATIONAL ASSOCIATION
WACO, TEXAS
and
MBANK NEW BRAUNFELS,NATIONAL ASSOCIATION
NEW BRAUNFELS, TEXAS
and
MBANK BROWNSVILLE, NATIONAL ASSOCIATION
BROWNSVILLE, TEXAS
and
MBANK EL PASO, NATIONAL ASSOCIATION
EL PASO, TEXAS
(Commonly Controlled InsuredDepository Institutions)
ORDER CONDITIONALLY GRANTING APPROVAL FOR WAIVER OF CROSS-GUARANTY
FDIC-90-226kk
BE ADVISED that the Board of Directors ("Board") of the
Federal Deposit Insurance Corporation ("FDIC"), having fully
considered the facts and information relating to the application for an
exemption from losses incurred or reasonably anticipated to be
incurred by the FDIC in connection with default of MBank Abilene,
National Association, Abilene, Texas; MBank Austin, National
Association, Austin, Texas; MBank Brenham, National Association,
Brenham, Texas; MBank Dallas, National Association, Dallas, Texas;
MBank Fort Worth, National Association, Fort Worth, Texas; MBank
Houston, National Association, Houston, Texas; MBank Odessa, National
Association, Odessa, Texas; MBank Round Rock, National Association,
Round Rock, Texas; MBank Midcities, National Association, Arlington,
Texas; MBank Corsicana, National Association, Corsicana, Texas; MBank
Greenville, National Association, Greenville, Texas; MBank Denton
County, National Association, Lewisville, Texas; MBank Longview,
National Association, Longview, Texas; MBank Marshall, National
Association, Marshall, Texas; MBank Orange, National Association,
Orange, Texas; MBank Jefferson County, National Association, Port
Arthur, Texas; MBank Alamo, National Association, San Antonio, Texas;
MBank Sherman, National Association, Sherman, Texas; MBank The
Woodlands, National Association, The Woodlands, Texas; and MBank
Wichita Falls, National Association, Wichita Falls, Texas (collectively
"failed MBanks"), and any default or assistance provided to MBank
Waco, National Association, Waco, Texas ("MBank Waco"), and/or
MBank New Braunfels, National Association, New Braunfels, Texas, and/or
MBank Brownsville, National Association, Brownsville, Texas and/or
MBank El Paso, National Association, El Paso, Texas (collectively
"remaining MBanks"), filed pursuant to the provisions of section
5(e)(5)(A) of the Federal Deposit Insurance Act ("Act"), 12
U.S.C. §1815(e)(5)(A), by MCorp, Dallas, Texas (the "Holding
Company"), the holding company of Corpus Christi National Bank
(formerly MBank Corpus Christi, National Association), Corpus Christi,
Texas ("Corpus Bank"), and Corpus Bank (collectively
"Co-Applicants"), relating to the proposal by the Co-Applicants
to sell Corpus Bank and to recapitalize MBank Waco, has concluded that
approval of the application for exemption should be granted, subject to
the conditions and restrictions set forth below.
IT IS THEREFORE ORDERED:
[.1] 1. This ORDER CONDITIONALLY GRANTING APPROVAL FOR WAIVER OF
CROSS-GUARANTY ("ORDER") is conditional upon the acquisition of
control of Corpus Bank by the acquiring parties of Robert B. Rowling,
Reese M. Rowling, Emory Treadaway, TRT-Energy Holdings Inc., et al.
(collectively "Acquiring Parties").1 Should anyone
other than the Acquiring Parties acquire control of Corpus Bank, this
ORDER shall be null and void.
[.2] 2. Additionally, this ORDER is conditional upon the approval by the
United States Bankruptcy Court, Southern District of Texas of a
STIPULATION BETWEEN DEBTORS AND THE FDIC REGARDING SALE OF STOCK OF
MBANK CORPUS CHRISTI ("STIPULATION"), in the action styled
In re MCorp Financial Inc., et al., Cause No.
89-02312-H3-11.
[.3] 3. Simultaneously with the sale of Corpus Bank to the Acquiring
Parties, the Holding Company will make a direct cash contribution to
MBank Waco of $2.5 million. Should MBank Waco fail prior to the
injection of capital described herein, the Holding Company shall make
the direct cash contribution to any remaining MBank designated by the
FDIC.
[.4] 4. The Co-Applicants will have six months from the effective date of
this ORDER to complete all transactions necessary to accomplish the
sale of Corpus Bank to the Acquiring Parties. Failure to conclude all
necessary actions within this time frame will render this ORDER null
and void.
[.5] 5. Should the FDIC determine that either Co-Applicant has failed to
comply fully with the aforesaid conditions, the FDIC shall have the
right to revoke this exemption after giving the Co-Applicants written
notice of said revocation and a reasonable opportunity to be heard on
the matter. Notwithstanding the foregoing, should either Co-Applicant
violate the provisions contained in paragraphs 1 or 4 above, this ORDER
shall be immediately null and void, without further hearing on the
matter.
Dated at Washington, D.C., this 18th day of September, 1990.
By order of the Board of Directors.
1The FDIC acknowledges that Corpus Bank is in
the process of making a public offering of stock of Corpus Bank, and
that the Acquiring Parties are not able to identify at this time all
purchasers of this stock.