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Charter Pacific Bank Announces Removal of Order toCease-and-Desist.

AGOURA HILLS, Calif.--(BUSINESS WIRE)--April 1, 1999--Charter Pacific Bank, a $95 million Agoura Hills-based commercial bank, Thursday announced the removal of an Order to Cease-and-Desist that the bank had been operating under since February 1998, effective immediately.

In its place,

the bank has agreed to a Memorandum of Understanding, the thrust of which is to require the bank to improve profitability within its commercial banking operation as percentage of total income, which has heretofore largely been derived from its very profitable merchant card processing business.

Chairman and Chief Executive Officer Michael Ward stated: "The bank is pleased with this action and, given that both the commercial bank and BankCard are currently profitable, we are confident that we can continue to improve upon commercial bank profitability and satisfy the requirements of the Memorandum."

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