What changed in this filing

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Item 1. Legal Proceedings

2023-08-11 compared with 2023-05-12 · 80 added, 9 removed, 2 unchanged (98% of the section changed)

Legal Proceedings

We are not currently subject to any

material legal proceedings.

time to time subject to claims

reorganization

company form of organization (the “Plaintiffs”)

filed a lawsuit against six persons, all of whom

were directors of the Bank at

“Defendants”),

al.) alleging

the Defendants

vires conduct by devising and approving the exchange

transaction effected in July 2021 pursuant to

which the Bank’s then

outstanding Class C and Class

D preferred stock was exchanged (the

“Exchange Transaction”),

which action the Plaintiffs

not permitted

Incorporation, and

(ii) breached

their fiduciary

Bank by approving and engaging in the Exchange Transaction.

The Plaintiffs seek the Court to certify the action as a class

attorney’s fees and

costs as well

as such other

may determine.

Company believes that

the allegations

in the lawsuit are

legally and factually without

merit, and it intends

to vigorously defend against

the allegations in the

counterclaims

its insurance

assurance that

this litigation

resolved favorably.

assurance that we

to secure coverage

from our insurance

carriers for any

expenses incurred by us

in connection

with this litigation.

If the plaintiff shareholders are successful,

the Court could

award substantial compensatory damages.

foregoing, we

and litigation

violation of banking and other applicable regulations, competition law, labor laws and consumer protection laws, as well as

litigation relating

to intellectual

securities, breach

defend ourselves

vigorously against any pending or future claims and litigation.

applicable regulations, competition

laws and consumer

protection laws, as

well as claims

or litigation relating to

intellectual property,

securities, breach of contract

intend to defend ourselves vigorously

against any pending

or future claims and litigation.

individually or

aggregate, would

material adverse

consolidated results

of operations,

unfavorable outcomes

or litigation

us, including

aforementioned litigation regarding the Exchange

Transaction, could have

a material adverse effect

on the period in which

or litigation

are resolved.

regardless of

ultimate outcomes,

costly, divert management’s

attention and may materially adversely affect

our reputation, even if resolved in our favor.

For detailed information about certain risk factors that could materially affect our business, financial

condition, or future

results, see “Part I, Item 1A – Risk Factors” of the 2022 Form 10-K/A and see “Part II, Item 1A – Risk Factors” of the March

31, 2023 Form 10-Q.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Legal Proceedings