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Federal Deposit Insurance Corporation v. AmFin Financial Corp.

United States District Court for the Northern District of Ohio
2011 WL 2200387 (2011)


Facts

AmFin Financial Corporation (AmFin) (debtor) was a savings and loan holding company and the parent company of AmTrust Bank (the Bank). AmFin received unfavorable risk assessments from the Office of Thrift Supervision (OTS), a federal regulatory agency that supervised the finances of savings associations. AmFin and the Bank entered into a number of agreements with OTS. The agreements required AmFin to submit a plan for maintaining an acceptable level of operating capital in the Bank. One year later, OTS concluded that Bank was significantly undercapitalized and subject to prompt corrective action. AmFin then filed for bankruptcy, and OTS closed the Bank. The Federal Deposit Insurance Corporation (FDIC) took over as the Bank’s receiver. The FDIC filed a motion in bankruptcy court against AmFin, seeking to recover funds meant to cure alleged capital-maintenance commitments under § 365(o) of the bankruptcy code.

Rule of Law

Issue

Holding and Reasoning (Nugent, J.)

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