Attached files
file | filename |
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10-K - FORM 10-K - MONARCH COMMUNITY BANCORP INC | k48928e10vk.htm |
EX-21 - EX-21 - MONARCH COMMUNITY BANCORP INC | k48928exv21.htm |
EX-14 - EX-14 - MONARCH COMMUNITY BANCORP INC | k48928exv14.htm |
EX-23 - EX-23 - MONARCH COMMUNITY BANCORP INC | k48928exv23.htm |
EX-32 - EX-32 - MONARCH COMMUNITY BANCORP INC | k48928exv32.htm |
EX-31.2 - EX-31.2 - MONARCH COMMUNITY BANCORP INC | k48928exv31w2.htm |
EX-31.1 - EX-31.1 - MONARCH COMMUNITY BANCORP INC | k48928exv31w1.htm |
EX-99.2 - EX-99.2 - MONARCH COMMUNITY BANCORP INC | k48928exv99w2.htm |
Exhibit 99.1
I, Donald L. Denney, certify, based on my knowledge, that:
(i) The compensation committee of Monarch Community Bancorp, Inc., has discussed, reviewed,
and evaluated with senior risk officers at least every six months during the period beginning on
the later of September 14, 2009, or ninety days after the closing date of the agreement between the
TARP recipient and Treasury and ending with the last day of the TARP recipients fiscal year
containing that date (the applicable period), the senior executive officer (SEO) compensation plans
and the employee compensation plans and the risks these plans pose to Monarch Community Bancorp,
Inc;
(ii) The compensation committee of Monarch Community Bancorp, Inc., has identified and limited
during the applicable period any features of the SEO compensation plans that could lead SEOs to
take unnecessary and excessive risks that could threaten the value of Monarch Community Bancorp,
Inc., and during that same applicable period has identified any features of the employee
compensation plans that pose risks to and has limited those features to ensure that Monarch
Community Bancorp, Inc. is not unnecessarily exposed to risks;
(iii) The compensation committee has reviewed, at least every six months during the applicable
period, the terms of each employee compensation plan and identified any features of the plan that
could encourage the manipulation of reported earnings of Monarch Community Bancorp, Inc. to enhance
the compensation of an employee, and has limited any such features;
(iv) The compensation committee of Monarch Community Bancorp, Inc. will certify to the reviews
of the SEO compensation plans and employee compensation plans required under (i) and (iii) above;
(v) The compensation committee of Monarch Community Bancorp, Inc. will provide a narrative
description of how it limited during any part of the most recently completed fiscal year that
included a TARP period the features in
(A) SEO compensation plans that could lead SEOs to take unnecessary and excessive risks that
could threaten the value of Monarch Community Bancorp, Inc.;
(B) Employee compensation plans that unnecessarily expose Monarch Community Bancorp, Inc. to
risks; and
(C) Employee compensation plans that could encourage the manipulation of reported earnings of
Monarch Community Bancorp, Inc. to enhance the compensation of an employee;
(vi) Monarch Community Bancorp, Inc. has required that bonus payments, as defined in the
regulations and guidance established under section 111 of EESA (bonus payments), of the SEOs and
twenty next most highly compensated employees be subject to a recovery or clawback provision
during any part of the most recently completed fiscal year that was a TARP period if the bonus
payments were based on materially inaccurate financial statements or any other materially
inaccurate performance metric criteria;
(vii) Monarch Community Bancorp, Inc. has prohibited any golden parachute payment, as defined
in the regulations and guidance established under section 111 of EESA, to a SEO or any of
the next five most highly compensated employees during the period beginning on the later of the
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closing date of the agreement between the TARP recipient and Treasury or June 15, 2009 and
ending with the last day of the TARP recipients fiscal year containing that date;
(viii) Monarch Community Bancorp, Inc. has limited bonus payments to its applicable employees
in accordance with section 111 of EESA and the regulations and guidance established thereunder
during the period beginning on the later of the closing date of the agreement between the TARP
recipient and Treasury or September 14, 2009 and ending with the last day of the Monarch Community
Bancorp, Inc.s fiscal year containing that date;
(ix) The board of directors of Monarch Community Bancorp, Inc. has established an excessive or
luxury expenditures policy, as defined in the regulations and guidance established under section
111 of EESA, by the later of September 14, 2009, or ninety days after the closing date of the
agreement between Monarch Community Bancorp, Inc and Treasury; this policy has been provided to
Treasury and its primary regulatory agency; Monarch Community Bancorp, Inc and its employees have
complied with this policy during the applicable period; and any expenses that, pursuant to this
policy, required approval of the board of directors, a committee of the board of directors, an SEO,
or an executive officer with a similar level of responsibility were properly approved;
(x) Monarch Community Bancorp, Inc will permit a non-binding shareholder resolution in
compliance with any applicable federal securities rules and regulations on the disclosures provided
under the federal securities laws related to SEO compensation paid or accrued during the period
beginning on the later of the closing date of the agreement between Monarch Community Bancorp, Inc.
and Treasury or June 15, 2009 and ending with the last day of the Monarch Community Bancorp, Inc.s
fiscal year containing that date;
(xi) Monarch Community Bancorp, Inc. will disclose the amount, nature, and justification for
the offering during the period beginning on the later of the closing date of the agreement between
the TARP recipient and Treasury or June 15, 2009 and ending with the last day of the TARP
recipients fiscal year containing that date of any perquisites, as defined in the regulations and
guidance established under section 111 of EESA, whose total value exceeds $25,000 for any employee
who is subject to the bonus payment limitations identified in paragraph (viii);
(xii) Monarch Community Bancorp, Inc. will disclose whether Monarch Community Bancorp, Inc,
the board of directors of Monarch Community Bancorp, Inc., or the compensation committee of Monarch
Community Bancorp, Inc has engaged during the period beginning on the later of the closing date of
the agreement between Monarch Community Bancorp, Inc. and Treasury or June 15, 2009 and ending with
the last day of Monarch Community Bancorp, Incs fiscal year containing that date, a compensation
consultant; and the services the compensation consultant or any affiliate of the compensation
consultant provided during this period;
(xiii) Monarch Community Bancorp, Inc has prohibited the payment of any gross-ups, as defined
in the regulations and guidance established under section 111 of EESA, to the SEOs and the next
twenty most highly compensated employees during the period beginning on the later of the closing
date of the agreement between the TARP recipient and Treasury or June 15, 2009 and ending with the
last day of Monarch Community Bancorp, Inc.s fiscal year containing that date;
(xiv) Monarch Community Bancorp, Inc has substantially complied with all other requirements related
to employee compensation that are provided in the agreement between Monarch Community Bancorp, Inc,
including any amendments;
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(xv) Monarch Community Bancorp, Inc. has submitted to Treasury a complete and accurate list of
the SEOs and the twenty next most highly compensated employees for the current fiscal year and the
most recently completed fiscal year, with the non-SEOs ranked in descending order of level of
annual compensation, and with the name, title, and employer of each SEO and most highly compensated
employee identified.
(xvi) I understand that a knowing and willful false or fraudulent statement made in connection
with this certification may be punished by fine, imprisonment, or both. (See, for example, 18 USC
1001).
/s/
Donald L. Denney |
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Donald L. Denney, President and CEO | ||
Monarch Community Bancorp, Inc. |
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March
31, 2010 |
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UST 447 |
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