In reviewing Reg O I am confused about Executive Officer reporting. I understand that our bank can't lend over $100K to them except for children's education or their primary residence. The part that confuses me is that at our option the loan may "become due and payable at any time that the officer is indebted to any other bank or banks in aggregate amount greater than" previously stated.
Yes we have a due and payable caveat. But, are EO's required to report loans with other banks to the board? (besides loans secured by stock in our bank).
For instance, if a EO is a farmer and buys ground with a $400,000 loan at another bank - does that need to be reported for Reg O purposes to our board? Also, is it allowable under Reg O? Or does the "in no event more than $100,000" apply?
"Whatever you do, work at it with all your heart, as working for the Lord, not for human masters" Colossians 3:23