C.F.R. » Title 12 » CHAPTER III—FEDERAL DEPOSIT INSURANCE CORPORATION › SUBCHAPTER B—REGULATIONS AND STATEMENTS OF GENERAL POLICY › PART 359—GOLDEN PARACHUTE AND INDEMNIFICATION PAYMENTS

12 C.F.R. § 359.2

Golden parachute payments prohibited

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No insured depository institution or depository institution holding company shall make or agree to make any golden parachute payment, except as provided in this part.

Notes of Decisions
Cited in 15 cases (4 in the last 5 years), 2013–2023 · leading case: Bunn v. Fed. Deposit Ins. Corp., 908 F.3d 290 (7th Cir. 2018).
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Bunn v. Fed. Deposit Ins. Corp., 908 F.3d 290 (7th Cir. 2018). “" 12 C.F.R. § 359.2 . Therefore, if the change of control termination benefit qualifies as a golden parachute payment, it is not something Valley Bank could agree to give to Bunn under the plain terms of the Agreement making benefits contingent on compliance with applicable…”
F. Bauer v. FDIC, 38 F.4th 1114 (D.C. Cir. 2022). · cites it 4× “The banks turned to the Federal Deposit Insurance Corporation (“FDIC”) for guidance as to whether any payments made to Bauer and Clark in the state court litigation would constitute statutorily restricted “golden parachute payment[s],” 12 C.F.R. § 359.2 , and, if so, whether the…”
Martinez v. Rocky Mountain Bank, 540 F. App'x 846 (10th Cir. 2013). · cites it 3× “1 (g), and that, as a former senior Bank officer, Mr. Martinez is an “institution-affiliated party” (“IAP”), see id.”
Daniel Wollschlager v. FDIC, 992 F.3d 574 (6th Cir. 2021). “, violating the rule that golden parachute agreements must receive the FDIC’s consent, see 12 C.F.R. § 359.2 . It added that the second payment of $135,000 would be “unreasonable given the Bank’s troubled condition” as well as Wollschlager’s “relatively short three-year…”
Rosenberger v. United Cmty. Bancshares, Inc, 2017 IL App (1st) 161102 (Ill. App. Ct. 2017). “12 C.F.R. § 359.2 (2012). - 12 - No. 1-16-1102 ¶ 26 Although Rosenberger concedes that the severance benefits provided for in his Employment Agreement constitute a golden parachute, he argues that UCB cannot rely upon the impossibility defense because he qualifies under the…”
Wmi Liquidating Trust v. Fed. Deposit Ins. Corp., 110 F. Supp. 3d 44 (D.D.C. 2015). “, 12 C.F.R. § 359.2 (“No insured depository institution or depository institution holding company shall make or agree to make any golden parachute payments .”
Rosenberger v. United Cmty. Bancshares, Inc, 2017 IL App (1st) 161102 (Ill. App. Ct. 2017). “12 C.F.R. § 359.2 (2012). ¶ 26 Although Rosenberger concedes that the severance benefits provided for in his employment agreement constitute a golden parachute, he argues that UCB cannot rely upon the impossibility defense because he qualifies under the “white knight” exception…”
Paul B. Harrison v. Ocean Bank, 614 F. App'x 429 (11th Cir. 2015). “§ 182800 ; 12 C.F.R. §§ 359.2 and 359.4(a). The settlement agreement provided that Harrison and Ocean Bank “understand that this Agreement is subject to approval by the Federal Deposit Insurance Corporation (‘FDIC’), as the primary bank regulator of Ocean Bank, and the Florida…”
BancCentral v. Hughbanks (W.D. Okla. 2023). · cites it 3× “BancCentral filed this action the next day invoking federal question jurisdiction and seeking a judgment declaring that two post-employment payments sought by Defendant Hughbanks are prohibited “golden parachute” payments under 12 C.F.R. § 359.2 . (Doc. No. 1, at 1, 3, ¶¶ 3,…”
BBX Capital v. Fed. Deposit Ins. Corp. (11th Cir. 2020). · cites it 2× “§ 1828 (k)(1); 12 C.F.R. § 359.2 . To gain regulatory approval to make a golden parachute payment, the applicant must first “demonstrate” and “certify” that it is not aware of any reason to believe the IAP (i) has “committed any fraudulent act or omission, breach of trust or…”
Luckey v. Plaza Bank CA4/3 (Cal. Ct. App. 2015). · cites it 2× “( 12 C.F.R. §§ 359.2 , 359.4 (2014).) However, as also explained in the regulations, such payments can be made if expressly approved by the FDIC, upon the request of either the institution or the IAP: “An insured depository institution or depository institution holding company…”
Paul B. Harrison v. Ocean Bank (11th Cir. 2015). · cites it 2× “See 12 C.F.R. § 359.2 (general prohibition on golden parachute payments); id.”
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