integrity-bank-ssb-houston-tx.pdf

ORDER: The Federal Deposit Insurance Corporation (FDIC) approves Integrity Bank, SSB's application for federal deposit insurance and to establish a main office in Houston, Texas. The approval is subject to the following conditions:

1. Initial paid-in capital of at least $37 million.
2. Maintain Tier 1 Capital to Average Assets ratio of not less than 12% throughout the first three years of operation.
3. Obtain FDIC approval for any changes in proposed senior executive officers, directors, or ownership.
4. Complete background checks on proposed directors and senior executive officers.
5. Wait until the bank is granted a charter as a depository institution and its establishment and operation are fully approved by the Texas Department of Savings and Mortgage Lending and the Federal Reserve Board before federal deposit insurance becomes effective.
6. Maintain adequate fidelity coverage.
7. Submit annual audited financial statements and management letters to the FDIC.
8. Establish a holding company, Integrity Bancorp Inc., which will hold 100% of the outstanding capital stock of the bank.
9. Capitalize the bank with an amount sufficient to achieve a Tier 1 Capital to Average Assets ratio of not less than 12% throughout the first three years of operation.
10. Project moderate growth and attainable future earnings prospects.
11. Satisfy the convenience and needs of the community.
12. Exercise corporate powers consistent with the purposes of the FDI Act, without posing undue risk to the Deposit Insurance Fund.