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on May 20, 1993, he worked closely with Mr. Aylsworth on the
"scrubbing" project.
On July 22, 1993, the FDIC notified Peoples that it had
demonstrated compliance with only about half of the terms and
conditions of the second MOU. Not until early 1994 did Peoples
finally achieve compliance with the second MOU. In October 1994,
Mr. Aylsworth ceded his position as assistant compliance officer
and became a trust officer, a position he held until February
1998, when he became chief operating officer.
4. Third-Party Monitoring
Peoples was highly regarded by regulators and the banking
community for its safety and soundness and was recognized by the
following bank rating services:
Rating service Rating
Veribank Inc. Blue ribbon bank
Bauer Financial Reports Five star bank
Sheshunoff Information Listed in highest rated
Services banks in America
F. Market Conditions
1. Banking Industry
In 1993, the banking industry was still recovering from the
recession of the early 1990's, and--in the case of thrifts--from
the savings and loan crisis. The first quarter of 1993 was the
first time since 1989, when the savings and loan industry bailout
was introduced, that no savings banks had failed. Prospects for
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