- Current report filing (8-K)
31 März 2010 - 9:01PM
Edgar (US Regulatory)
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(d) OF
THE
SECURITIES EXCHANGE ACT OF 1934
Date of
Report (date of earliest event reported): March 26, 2010
ATLANTIC BANCGROUP,
INC.
(Exact
name of registrant as specified in its charter)
Florida
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001-15061
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59-3543956
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(State
or other jurisdiction
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Commission
File Number
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(I.R.S.
Employer
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Of
incorporation)
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Identification
No.)
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1315
South Third Street
Jacksonville Beach, Florida
32250
(address
of principal executive offices)
Registrant’s
telephone number: (904) 247-9494
ITEM
1.01. Entry into a Material Definitive Agreement.
Effective March 26, 2010, Atlantic
BancGroup, Inc. (the “Company”) entered into a Written Agreement (“Agreement”)
with the Federal Reserve Bank of Atlanta (the “Federal Reserve”). The Agreement
represents an agreement between the Company and the Federal Reserve designed to
maintain the financial soundness of Atlantic, so that it may serve as a source
of strength to its wholly-owned subsidiary, Oceanside Bank (the
“Bank”).
Pursuant to the Agreement, without
the Federal Reserve’s prior written approval, the Company will not: (i) declare
or pay dividends; (ii) accept any dividends or other payments from the Bank;
(iii) make any payments on its subordinated debt or trust preferred securities;
(iv) incur, increase or guarantee any debt; or (v) purchase or redeem any shares
of its stock. As Atlantic has no current intention of taking any such action at
this time, these prohibitions are not expected to adversely affect Atlantic’s
operations.
The Company is also required to
obtain the non-objection of the Federal Reserve prior to appointing any new
director or appointing or reassigning any senior executive officer. Should the
Company choose to take any such action, it will seek the non-objection of the
Federal Reserve. The Company anticipates that it would only seek to take such
actions when they would be consistent with the Federal Reserve’s standards, but
can not guarantee that the Federal Reserve would not object to any such
action.
The Company must also submit
quarterly progress reports to the Federal Reserve. The Company does not
anticipate this being a material burden due to the nature of the actions
required by the Agreement.
ITEM
9.01. Financial Statements and Exhibits.
(c)
Exhibits.
The
following exhibit is are being filed this Report:
10.10
Written Agreement by and between Atlantic BancGroup, Inc. and the Federal
Reserve Bank of Atlanta.
Date: March
31, 2010
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Atlantic BancGroup,
Inc.
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(Registrant)
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By:
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/s/ Barry W.
Chandler
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Barry
W. Chandler
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Principal
Executive Officer
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