Review of the Failure of Waccamaw Bank

Table of Contents

• Report Contributors and Abbreviations
• Summary of Recommendations
• Memorandum
• Introduction
• Causes of the Failure
• Supervision of Waccamaw
• Finding 1: E-mails Containing Supervisory Activity Records Were Not Maintained in Accordance With Board Policy
• Finding 2: The Written Agreement Did Not Contain a Provision Requiring the Prior Approval of Material Transactions
• Finding 3: Controlling Policies Did Not Address Certain Procedural Aspects Associated With the Appeals Process
• Finding 4: The Appearance of a Conflict of Interest Existed Concerning the Selection of the Appeals Panel
• Finding 5: Examination Reports Contained Inaccurate Information About a Material Transaction
• Appendix A: Glossary of Banking and Regulatory Terms
• Appendix B: CAMELS Rating System
• Appendix C: Management's Response