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Exhibit 99.2

FEDERAL DEPOSIT INSURANCE CORPORATION

WASHINGTON, D.C.

CALIFORNIA DEPARTMENT OF BUSINESS OVERSIGHT

SACRAMENTO, CALIFORNIA

 

    

In the Matter of:

    

CALIFORNIA UNITED BANK

LOS ANGELES, CALIFORNIA

    

(INSURED STATE NONMEMBER BANK)

 

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STIPULATION TO THE ISSUANCE

OF A CONSENT ORDER

 

FDIC-16-0129b

Subject to the acceptance of this Stipulation to the Issuance of a Consent Order (“Stipulation”) by the Federal Deposit Insurance Corporation (“FDIC”) and the California Department of Business Oversight (“CDBO”), it is hereby stipulated and agreed by and between a representative of the Legal Division of FDIC, a representative of the CDBO, and California United Bank, Los Angeles, California (“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 and violations of law and/or regulations alleged to have been committed by the Bank and of its right to a public 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 Section 580 of the California Financial Code (“CFC”), 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 a Consent Order (“Order”) by the FDIC and the CDBO. The Bank further stipulates and agrees that such Order will be deemed to be an order which has become final under the Act and the CFC, and that said Order shall become effective upon its issuance by the FDIC and the CDBO, and fully enforceable by the FDIC and the CDBO pursuant to the provisions of the Act and the CFC.

3. In the event the FDIC and the CDBO accept the Stipulation and issue the Order, it is agreed that no action to enforce said Order in the United States District Court will be taken by the FDIC, and no action to enforce said Order in State Superior Court will be taken by the CDBO, 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 Notice;

(b) All defenses in this proceeding;

(c) A public hearing for the purpose of taking evidence on such alleged charges;

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

(e) A recommended decision of an Administrative Law Judge;

(f) Exceptions and briefs with respect to such recommended decision; and

(g) The right to appeal.

 

Dated: September 23, 2016    
FEDERAL DEPOSIT INSURANCE CORPORATION, LEGAL DIVISION     CALIFORNIA DEPARTMENT OF BUSINESS OVERSIGHT
BY:     BY:

/s/ SANDRA A. QUIGLEY

   

/s/ PAMELA NAKAGAWA

Sandra A. Quigley     Pamela Nakagawa
Counsel     Counsel

 

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CALIFORNIA UNITED BANK

LOS ANGELES, CALIFORNIA

BY:

 

/s/ ROBERTO E. BARRAGAN

   

/s/ DAVID I. RAINER

Roberto E. Barragan     David I. Rainer

/s/ CHARLES R. BEAUREGARD

   

/s/ ROY A. SALTER

Charles R. Beauregard     Roy A. Salter

/s/ KENNETH J. COSGROVE

   

/s/ DANIEL F. SELLECK

Kenneth J. Cosgrove     Daniel F. Selleck

/s/ DAVID C. HOLMAN

   

/s/ CHARLES H. SWEETMAN

David C. Holman     Charles H. Sweetman

/s/ K. BRIAN HORTON

   

/s/ KAVEH VARJAVAND

K. Brian Horton     Kaveh Varjavand

/s/ ERIC S. KENTOR

   

/s/ ANNE A. WILLIAMS

Eric S. Kentor     Anne A. Williams

/s/ JEFFREY LEITZINGER

   
Jeffrey Leitzinger    

Comprising the Board of Directors of

California United Bank

Los Angeles, California

 

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