My reading of the section is that it even states that a credit union that the NCUA intends to subject to the IMCR
"must file a written response .
Although our revised capital plan has not yet been submitted, we are encouraged by the prospect of having capital targets that are much more achievable than the previously proposed IMCR
," said Jerry St.
Based on the Bank's non-compliance with the IMCR
, current economic and market conditions, and the Company's recent operating results, the Company's Board of Directors began a review of strategic alternatives late in 2011, engaging Stifel, Nicolaus & Company, Incorporated to assist the Board in exploring alternatives to enhance stockholder value, including consideration of a potential business combination in addition to a previously disclosed rights offering.
Consistent with the terms of the IMCR
, the Bank expects to be notified by the Office of the Comptroller of the Currency (the "OCC"), the successor agency to the Office of Thrift Supervision, that it must submit a capital plan for their approval that defines the actions and timeline necessary to achieve the 7% capital ratio level.
Under the IMCR
, the Bank agreed to achieve Tier 1 leverage ratios of 6.