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Supervisory Agreement:

A formal, written agreement between the board of directors of a savings institution and the office of thrift supervision. The provisions of the agreement may require the institution to cease any statutory or regulatory violations or unsafe or unsound practice, and the agreement may require affirmative corrective action by the institution to correct any existing violations, management or operational deficiencies, or other unsound practices. Violation of a supervisory agreement is cause for the office of thrift supervision to initiate cease and desist proceedings against the institution or against an officer, board member or employee of the institution. See consent merger agreement.

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