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Flatiron Capital Corp. - Settlement Agreement

STATE OF NEW YORK BANKING DEPARTMENT
NEW YORK, NEW YORK


In the Matter of 

FLATIRON CAPITAL CORP.

A Premium Finance Agency Licensed Pursuant
To Article XII-B of the New York  Banking Law

(Respondent)

 

Settlement Agreement


WHEREAS, Flatiron Capital Corp. (“Flatiron” or the “Licensee”), with corporate headquarters at 950 17 th Street, Suite 1300, Denver, CO 80202, was granted a license on October 27, 1992 to engage in business as a licensed premium finance agency pursuant to Article XII-B of the New York Banking Law (the “Banking Law”) by the Superintendent of Banks (the “Superintendent”) of the State of New York and

WHEREAS, an application for change of control submitted by Flatiron on January 31, 2006 revealed that the Licensee was in violation of the Banking Law as follows:

On January 31, 2006, Hudson United Bancorp, Flatiron’s former parent company, was acquired by TD Banknorth Inc., resulting in Licensee being held and managed by TD Banknorth Inc. Licensee failed to seek prior approval of the Superintendent as required under 555-a of the Banking Law.

WHEREAS, the Superintendent and the Licensee mutually agree to resolve such violation by the imposition of a fine in the aggregate amount of $10,000 in lieu of commencing a hearing seeking revocation of Flatiron’s license. 

NOW, THEREFORE IT IS STIPULATED AND AGREED BY AND BETWEEN THE PARTIES HERETO AS FOLLOWS:

THAT, the Licensee agrees as follows:

1.  Flatiron freely and voluntarily waives its right to a hearing on the Violation cited above and Flatiron fully understands the terms and conditions of this Settlement Agreement.

2.  Flatiron will take all necessary steps to assure that it is in compliance with all applicable laws, rules and regulations.

3.  Flatiron agrees to pay a fine in the amount of $10,000 to the Superintendent. Payment shall be made by electronic transfer, in immediately available funds, pursuant to transfer instructions received from the Banking Department. Failure to make timely payment shall result in the Banking Department commencing a hearing to revoke the Licensee’s license.

4.   All communications regarding this Settlement Agreement shall be sent to:

Regina Stone
Deputy Superintendent of Banks
Licensed Financial Services Division
New York State Banking Department
One State Street
New York, New York 10004

Bruce I. Lundy, President
Flatiron Capital Corp.
950 17 th Street, Suite 1300
Denver, CO 80202

Robert A. Pinkerton, CEO
Flatiron Capital Corp.
950 17 th Street, Suite 1300
Denver, CO 80202

5.  The provisions of this Settlement Agreement shall not bar, estop or otherwise prevent the Superintendent, or any state or federal agency or department, from taking any other action affecting the Licensee, any of its current or former officers, directors, employees, or insiders, or their successors or assigns with respect to the matters not relating to this Settlement Agreement or any criminal aspect of the concerned matters in this Settlement Agreement.

6.  No extension or waiver of the terms of this Settlement Agreement shall be binding on the Banking Department except if in writing, signed by the Superintendent. 

7.   Each provision of this Settlement Agreement shall remain effective and enforceable until stayed, modified, terminated or suspended in writing by the Superintendent.

8.  The effective date of this Settlement Agreement is the date on which it is executed by the Superintendent or her Deputy.

9. The provisions of this Settlement Agreement are not confidential.

Agreed to and Accepted: 

Dated:__________________.

By: ___________________________
Regina Stone
Deputy Superintendent of Banks 
New York State Banking Department

Dated:__________________.

By: ___________________________
Bruce I. Lundy
President
Flatiron Capital Corp.

Dated:__________________.

By: ___________________________
Robert A. Pinkerton
CEO
Flatiron Capital Corp.