Summary of RAINIER PACIFIC FINANCIAL GROUP INC

Item 8.01 Other Events

The Federal Deposit Insurance Corporation ("FDIC") issued a Supervisory Prompt Corrective Action Directive ("Directive") to Rainier Pacific Savings Bank ("Bank"), the banking subsidiary of Rainier Pacific Financial Group, Inc. ("Company"), dated September 8, 2009. Prior to its issuance, the Bank was subject to all of the Directive's restrictions except recapitalization requirements. On May 6, 2009, the FDIC notified the Bank that its capital category for purposes of prompt corrective action was "under-capitalized" and that the Bank was subject to the mandatory requirements of Section 38 of the Federal Deposit Insurance Act ("Act") and the FDIC's related regulations, and required the Bank to submit a capital restoration plan by June 8, 2009. The Bank submitted the plan on June 8, 2009, however, it was deemed unacceptable by the FDIC and a revised plan was subsequently submitted by the Bank on September 3, 2009.

The Directive requires the Bank to take one or more of the following actions to recapitalize the Bank within 60 days, or by November 9, 2009: (1) sell enough voting shares or obligations of the Bank so that the Bank will be "adequately capitalized," as defined under the Act and the relative FDIC regulations, after the sale; and/or (2) accept an offer to be acquired by a depository institution holding company or combine with another insured depository institution.

The Directive states that the FDIC has categorized the Bank as being an "undercapitalized" depository institution, as defined under the Act and FDIC rules and regulations, prohibits the acquisition or roll-over of brokered deposits and restricts the interest rates that the Bank may pay on deposits to prevailing rates in accordance with FDIC regulations. The Bank ceased acquiring brokered deposits and began implementing the applicable rate restrictions in February 2009. In addition, the Directive states that the Bank is not permitted to increase its average total assets or make any capital distributions to the Company or to pay bonuses or increase the compensation of any director or officer of the Bank. Subject to FDIC approval, however, the Bank may employ and retain qualified senior executive officers, including the position of chief financial officer, which has been vacant since February 27, 2009. As previously disclosed, the Bank embarked upon an asset reduction strategy in March 2009 and has substantially decreased the overall compensation levels at the Bank, with executive officers voluntarily forfeiting their performance awards and stock benefits for the year ended December 31, 2008 and suspending performance awards for fiscal 2009 and 2010. The Directive also precludes the Bank from branching, or relocating, selling or disposing of any of its existing branches without FDIC approval. Further, the Bank is directed to comply with Section 23A of the Federal Reserve Act in connection with transactions between affiliates.

For further information about the Directive, see the full text of the Directive, which is attached as Exhibit 99.1 to this Report on Form 8-K and is incorporated herein by reference.