Appendix III: Broadway Bank -- Timeline of Events


Date Event
4/20/09 Examination started.
7/20/09 FDIC sends PCA letter to Broadway based on examination. Broadway is Undercapitalized.
8/19/09 Examination completed-- rating 5/555554.
9/14/09 Regional office begins review of examination report.
10/06/09 FDIC Legal receives draft Consent Order from IDFPR.
12/07/09 Exam mailed to bank.
1/25/10 Consent Order provided to bank. Effective 1/26/10.
1/26/10 Joint visitation to assess Broadway financial condition.
Around
1/29/10
FDIC obtains Broadway's 12/31/09 Call Report information showing bank Significantly Undercapitalized.
2/03/10 State no longer views bank as a going concern.
2/04/10 FDIC sends Significantly Undercapitalized PCA notice to Broadway.
2/19/10 State issues Section 51 Order, provides bank 60 days to raise capital.
4/19/10 FDIC issues PCA Directive.
4/23/10 Broadway Closed.


Time Period  
4/20/09 - 8/19/09 Examination -- 121 days to complete.
Chicago 2009 Average -- 64 days.
9/14/09 - 12/07/09 Regional Office Review--
110 days from examination completion.
Chicago 2009 Average -- 70 days.
10/06/09 - 1/25/10 Consent Order Preparation--
Effective 160 days after the exam.
Chicago 2009 Average -- 179 days
2/19/10 - 4/23/10 DRR Resolution Planning -- 63 days.
Preferred timeframe -- 90 days.