FIRSTBANK FINANCIAL SERVICES, INC. Files SEC form 8-K, Bankruptcy or Receivership

Item 1.03. Bankruptcy or Receivership On February 6, 2009, the Georgia Department of Banking and Finance (the "Georgia Department") closed FirstBank Financial Services (the "Bank"), the wholly owned commercial banking subsidiary of FirstBank Financial Services, Inc. (the "Company"), and the Federal Deposit Insurance Corporation ("FDIC") was named as the receiver of the Bank. The Company's principal asset is the common stock that it owns in the Bank, and, as a result of the closure of the Bank, the Company has very limited remaining tangible assets. As the owner of all of the capital stock of the Bank, the Company would be entitled to the net recoveries, if any, following the liquidation or sale of the Bank or its assets by the FDIC. However, at this time, the Company is unable to provide any assurance that any recovery will be realized by the Company or the timing of any such recovery. In connection with the closure of the Bank, the FDIC issued a press release, dated February 6, 2009, announcing the following: † The FDIC's Board of Directors approved the assumption of all of the deposits of the Bank by Regions Bank, Birmingham, Alabama ("Regions"). Accordingly, all depositors of the Bank, including those with deposits in excess of the FDIC's insurance limits, will automatically become depositors of Regions for the full amount of their deposits, and they will continue to have uninterrupted access to their deposits. Depositors will continue to be insured with Regions, so there is no need for customers to change their banking relationship to retain their deposit insurance. † The Bank's four offices will reopen on Monday, February 9, 2009, as branches of Regions. However, for a period of time, customers of both banks should continue to use their existing locations until Regions can fully integrate the deposit records of the Bank. † Regions will purchase approximately $17 ...
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FIRSTBANK FINANCIAL SERVICES, INC. Files SEC form 8-K, Change in Directors or Principal Officers

Show all filings for FIRSTBANK FINANCIAL SERVICES, INC. | Request a Trial to NEW EDGAR Online Pro Form 8-K for FIRSTBANK FINANCIAL SERVICES, INC. 29-Jan-2009Change in Directors or Principal Officers Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is...
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FIRSTBANK FINANCIAL SERVICES, INC. Financials

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FIRSTBANK FINANCIAL SERVICES, INC. Files SEC form 8-K, Other Events

Show all filings for FIRSTBANK FINANCIAL SERVICES, INC. | Request a Trial to NEW EDGAR Online Pro Form 8-K for FIRSTBANK FINANCIAL SERVICES, INC. 10-Dec-2008Other Events Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback SEC Filing data and information provided by EDGAR Online, Inc. (1-800-416-6651). All information provided "as is" for informational purposes ...
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FIRSTBANK FINANCIAL SERVICES, INC. Financials

Copyright © 2009 Yahoo! Inc. All rights reserved. Privacy Policy - Terms of Service - Copyright/IP Policy - Send Feedback Historical chart data and daily updates provided by Commodity Systems, Inc. (CSI). International historical chart data and daily updates provided by Morningstar, Inc. Fundamental company data provided by Capital IQ. Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes. R...
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FIRSTBANK FINANCIAL SERVICES, INC. Files SEC form 8-K, Entry into a Material Definitive Agreement

Item 1.01. Entry into a Material Definitive Agreement. On October 23, 2008, FirstBank Financial Services (the "Bank"), the subsidiary bank of FirstBank Financial Services, Inc. (the "Company"), entered into a Stipulation and Consent Order to Cease and Desist (the "Consent Agreement") with the Federal Deposit Insurance Corporation ("FDIC") and the Banking Commissioner of the State of Georgia (the "Commissioner"). The Bank and its Board of Directors have taken an active role in working with the FDIC and the Georgia Department of Banking and Finance to improve the condition of the Bank. The FDIC will make a copy of the Consent Agreement available on its website which is located at www.fdic.gov. The contents of the FDIC website are not incorporated by reference into this report. The Consent Agreement is based on the findings of the FDIC during an on-site examination conducted as of December 10, 2007. Since the completion of the examination, the Board of Directors has aggressively taken steps to address the findings of the exam, and the Bank is aggressively working to comply with the requirements of the Consent Agreement. Under the terms of the Consent Agreement, the Bank is required to submit written plans and/or reports to the regulators that address the following items: reducing concentrations of credit; correcting deficiencies in assets listed for "special mention" in the examination report; continuing to improve loan underwriting and credit administration; on-going review and grading of the Bank's loan portfolio; improving the Bank's position regarding classified loans and other real estate owned; reviewing and revising as necessary the Bank's allowance for loan and lease losses policy; maintaining sufficient capital at the Bank, including maintenance of an 8% leverage ratio, a 6% Tier 1 risk-based ratio, and a 10% total risk-based ratio; preparing a three-year strategic plan and a profit plan to improve the Ba...
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