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Victory Community Bank (In Organization)

FEDERAL DEPOSIT INSURANCE CORPORATION

IN RE: Victory Community Bank (In Organization)
Fort Mitchell, Kentucky
Application for Federal Deposit Insurance (Savings Association Insurance Fund)

ORDER

The undersigned, acting under delegated authority, has fully considered all facts and information relevant to the factors of Section 6 of the Federal Deposit Insurance Act relating to the application for Federal deposit insurance for Victory Community Bank (the bank), a proposed new federal savings bank to be headquartered at 2500 Chamber Center Drive, Suite 100, Fort Mitchell, Kenton County, Kentucky, and has concluded that the application should be approved.

Accordingly, it is hereby ORDERED, for the reasons set forth in the attached Statement, that the application submitted by the bank for federal deposit insurance be, and the same hereby is, approved subject to the following conditions:

1. That beginning paid-in-capital funds of not less than $5,200,000 be provided and that a ratio of Tier 1 Leverage Capital to total assets of not less than eight percent shall be maintained throughout the first three years of operation;

2. That any changes in proposed management or proposed ownership (10 percent or more of stock), including new acquisitions of, or subscriptions to 10 percent or more of stock, will render this commitment null and void unless such proposal is approved by the Regional Director of the FDIC's Chicago Regional Office ("Regional Director") prior to opening of the bank;

3. That Federal deposit insurance shall not become effective unless and until the applicant has been established as a Federal savings bank, that it has authority to conduct a banking business, and that its establishment and operation as a bank have been fully approved by appropriate Federal authorities;

4. That Victory Bancorp, Inc., a proposed unitary savings and loan holding company, obtain approval from the Office of Thrift Supervision to acquire voting stock control of the bank prior to its opening;

5. That if deposit insurance has not become effective within twelve months from the date of the ORDER, or unless, in the meantime a request for an extension of time has been approved by the FDIC, the consent granted shall expire at the end of the said twelve-month period; and

6. That until the date that this conditional commitment for deposit insurance becomes effective, the FDIC shall have the right to alter, suspend, or withdraw the said commitment should any interim development be deemed to warrant such action.

Dated at Washington, D.C., this 23rd day of August, 2002.

By:________________________________
John M. Lane
Deputy Director
Division of Supervision and Consumer Protection


FEDERAL DEPOSIT INSURANCE CORPORATION

IN RE: Victory Community Bank
Fort Mitchell, Kentucky
Application for Federal Deposit Insurance (Savings Association Insurance Fund)

STATEMENT

Pursuant to the provisions of Section 5 of the Federal Deposit Insurance Act (12 U.S.C. 1815), an application for Federal deposit insurance with membership in the Savings Association Insurance Fund has been filed on behalf of Victory Community Bank, a proposed new Federal savings bank to be headquartered at 2500 Chamber Center Drive, Suite 100, Fort Mitchell, Kenton County, Kentucky.

Victory Community Bank's sole shareholder will be Victory Bancorp, Inc., which will be the proposed unitary savings and loan holding company. The charter application is pending final approval by the Office of Thrift Supervision. By virtue of having a Federal savings bank charter, the applicants propose to operate a full service thrift, with particular emphasis on mortgage lending.

For the purposes of this proposal, the investment in fixed assets is reasonable, capital is adequate, future earnings prospects are favorable, and management is considered satisfactory. No formal objections to this application have been filed with the FDIC. Corporate powers to be exercised are consistent with the purpose of the Federal Deposit Insurance Act. No undue risk to the Savings Association Insurance Fund is apparent.

Accordingly, based upon a careful evaluation of all available facts and information, the Deputy Director, pursuant to delegated authority, has concluded that approval of the application is warranted.

DEPUTY DIRECTOR
DIVISION OF SUPERVISION AND CONSUMER PROTECTION
FEDERAL DEPOSIT INSURANCE CORPORATION



Last Updated 03/24/2011 Legal@fdic.gov