UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

 
Date of Report (Date of earliest event reported)       February 5, 2008       
 
MAINSTREET FINANCIAL CORPORATION
(Exact name of Registrant as specified in its Charter)

United States
 
000-52298
 
20-1867479
(State or other jurisdiction
of incorporation)
 
(Commission File No.)
 
(IRS Employer
Identification
Number)

629 W. State Street, Hastings, Michigan
 
49058-1643
(Address of principal executive offices)
 
(Zip Code)

Registrant's telephone number, including area code: (269) 945-9561

Not Applicable
(Former name or former address, if changed since last report)

 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
9
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
9
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
9
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
9
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

 
 
 
 


 
Item 8.01  Other Events.
 
Our wholly owned subsidiary, MainStreet Savings Bank, FSB (the “Bank”), has received a letter from the Office of Thrift Supervision (“OTS”) dated February 5, 2008, indicating that the OTS believes the Bank is deemed to be in troubled condition, and, as a result, is subject to specified operating restrictions.  These operating restrictions provide that: (1) the Bank must limit its quarterly asset growth to net interest credited on deposit liabilities during the quarter (unless additional asset growth is permitted by the OTS); (2) the Bank must obtain prior OTS approval prior to appointing any new director or senior executive officer; (3) the Bank’s ability to enter into certain severance agreements or make certain severance payments is limited by 12 C.F.R. 359; (4) the Bank must receive OTS approval of any new, renewed or amended arrangements providing compensation or benefits to its directors and officers; (5) the Bank must obtain OTS approval of all third-party contracts outside the normal course of business; and (6) the Bank must provide the OTS with 30-days notice of all proposed transactions with affiliated.
 
 
 
 

 

 
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SIGNATURES

 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this Report to be signed on its behalf by the undersigned thereunto duly authorized.
 
 
MAINSTREET FINANCIAL CORPORATION
     
Date:   February 26, 2008
By:
/s/ David L. Hatfield                                  
      David L. Hatfield
      President and Chief Executive Officer

 
 
 
 

 
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