Enforcement actions.The Federal Reserve Board and the Federal Deposit Insurance Corporation Federal Deposit Insurance Corporation (FDIC), an independent U.S. federal executive agency designed to promote public confidence in banks and to provide insurance coverage for bank deposits up to $100,000. announced enforcement actions against The NorCrown Trust and other individuals on February 10, 2005, and February 25, 2005. The enforcement actions appear on pages 244-45. The Federal Reserve Board announced on March 1, 2005, the issuance of a final decision and order of prohibition against Kenneth L. Coleman, a former employee of PNC PNC Purdue University North Central (Westville, Indiana) PnC Point 'n Click PNC Police National Computer PNC People's National Congress (Guyana) PNC People's National Congress Bank and Mellon Bank, N.A., both of Pittsburgh, Pennsylvania “Pittsburgh” redirects here. For the region, see Pittsburgh Metropolitan Area. Pittsburgh (pronounced IPA: /ˈpɪtsbɚg/) is the second largest city in the Commonwealth of Pennsylvania. . The order, the result of an action brought by the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. , prohibits Mr. Coleman from participating in the conduct of the affairs of any financial institution or holding company. Assessments of Civil Money Penalties The Federal Reserve Board announced on March 16, 2005, the issuance of a consent order of assessment of a civil money penalty against the First Interstate Bank, Billings, Montana, a state member bank. First Interstate Bank, without admitting to any allegations, consented to the issuance of the order in connection with its alleged violations of the Board's Regulations implementing the National Flood Insurance Act. The order requires First Interstate Bank to pay a civil money penalty of $15,750, which will be remitted to the Federal Emergency Management Agency The Federal Emergency Management Agency (FEMA) is the federal agency responsible for coordinating emergency planning, preparedness, risk reduction, response, and recovery. The agency works closely with state and local governments by funding emergency programs and providing technical for deposit into the National Flood Mitigation Fund. The Federal Reserve Board announced on March 16, 2005, the issuance of a consent order of assessment of a civil money penalty against the HomeFederal Bank, Columbus, Indiana, a state member bank. HomeFederal Bank, without admitting to any allegations, consented to the issuance of the order in connection with its alleged violations of the Board's Regulations implementing the National Flood Insurance Act. The order requires HomeFederal Bank to pay a civil money penalty of $57,250, which will be remitted to the Federal Emergency Management Agency for deposit into the National Flood Mitigation Fund. The Federal Reserve Board announced on March 16, 2005, the issuance of a consent order of assessment of a civil money penalty against the Midwest Bankcentre, St. Louis, Missouri, a state member bank. Midwest Bankcentre, without admitting to any allegations, consented to the issuance of the order in connection with its alleged violations of the Board's Regulations implementing the National Flood Insurance Act. The order requires Midwest Bankcentre to pay a civil money penalty of $2,450, which will be remitted to the Federal Emergency Management Agency for deposit into the National Flood Mitigation Fund. Cease and Desist Orders An order issued by an Administrative Agency or a court proscribing a person or a business entity from continuing a particular course of conduct. The force and effect of a cease and desist order are similar to those of an Injunction issued by a court. The Federal Reserve Board announced on January 27, 2005, the issuance of a consent order to cease and desist Cease and desist (also called C & D) is a legal term used primarily in the United States which essentially means "to halt" or "to end" an action ("cease") and to refrain from doing it again in the future ("desist"). against Riggs National Corporation, Washington, D.C., a bank holding company. Riggs National Corporation, without admitting to any allegations, consented to the issuance of the order to address management, capital, and contingency planning matters. The Federal Reserve Board simultaneously announced the termination of the May 14, 2004, consent order to cease and desist against Riggs National Corporation and Riggs International Banking Corporation, Miami, Florida, an Edge corporation. This action reflects the closing of the Edge corporation as of December 31, 2004. In a separate, coordinated action, the Office of the Comptroller of the Currency announced on January 27, 2005, the modification of its consent order to cease and desist dated May 13, 2004, against Riggs Bank, N.A., McLean, Virginia. In another action, Riggs Bank, N.A., pleaded guilty on January 27, 2005, to criminal violations of the Bank Secrecy Act The Bank Secrecy Act of 1970 (or BSA, or otherwise known as the Currency and Foreign Transactions Reporting Act) requires U.S.A. financial institutions to assist U.S. government agencies to detect and prevent money laundering. relating to the bank's failure to timely and accurately report suspicious transactions. The Federal Reserve Board announced on February 2, 2005, the issuance of a consent cease and desist order against Banco de Chile The Banco de Chile (Chile Bank), is the second biggest banking group of Chile, behind the Banco Santander Santiago followed by the BBVA Chile. Founded the 28 of October of 1893 by the fusion of the banks of Valparaiso (1855), National of Chile (1865) and Agriculturist (1869). , Santiago, Chile, and Banco de Chile's Miami branch. The order addresses Bank Secrecy Act and anti-money-laundering compliance at Banco de Chile's Miami branch. In a separate, coordinated action, the Office of the Comptroller of the Currency announced on February 2, 2005, the issuance of a consent order against Banco de Chile and Banco de Chile's New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of branch. The Federal Reserve Board announced on March 31, 2005, the issuance of a cease and desist order against Eagle National Holding Company, Doral, Florida, a registered bank holding company that owns and controls the Eagle National Bank of Miami, Doral, Florida. Written Agreements The Federal Reserve Board announced on January 28, 2005, the execution of a written agreement by and between the Asian Bank, Philadelphia, Pennsylvania, and the Federal Reserve Bank of Philadelphia The Federal Reserve Bank of Philadelphia, headquartered in Philadelphia, Pennsylvania, is responsible for the Third District of the Federal Reserve, which covers eastern Pennsylvania, southern New Jersey, and Delaware. . The Federal Reserve Board announced on February 9, 2005, the execution of a written agreement by and between Bank of America
Bank of America (NYSE: BAC TYO: 8648 ) is the largest commercial bank in the United States in terms of deposits, and the largest company of its kind in the world. Corporation, Charlotte, North Carolina “Charlotte” redirects here. For other uses, see Charlotte (disambiguation). Charlotte is the largest city in the state of North Carolina and the 20th largest city in the United States. , a bank holding company, and the Federal Reserve Bank of Richmond The Federal Reserve Bank of Richmond is the headquarters of the Fifth District of the Federal Reserve located in Richmond, Virginia . It covers the District of Columbia, Maryland, Virginia, North Carolina, South Carolina and most of West Virginia. . In separate, coordinated actions, the Office of the Comptroller of the Currency announced the execution of a formal agreement with Bank of America, N.A., Charlotte, North Carolina, a wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. of Bank of America Corporation, and the U.S. Securities and Exchange Commission announced the execution of an administrative cease and desist order against Banc of America Capital Management, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , a registered investment adviser, BACAP Distributors, LLC, a registered investment adviser, and Banc of America Securities, LLC, a registered investment adviser and broker-dealer. The Federal Reserve Board announced on March 1, 2005, the execution of a written agreement by and between Huntington Bancshares, Incorporated, Columbus, Ohio, a bank holding company, and the Federal Reserve Bank of Cleveland The Federal Reserve Bank of Cleveland is the Cleveland-based headquarters of the U.S. Federal Reserve System's Fourth District. The district is composed of Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia. . The written agreement addresses deficiencies relating to the company's corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. , internal audit, risk management, and internal controls over financial reporting, accounting policies and procedures Policies and Procedures are a set of documents that describe an organization's policies for operation and the procedures necessary to fulfill the policies. They are often initiated because of some external requirement, such as environmental compliance or other governmental , and regulatory reporting. In a separate, coordinated action, the Office of the Comptroller of the Currency announced the execution of a formal agreement with Huntington National Bank, Columbus, Ohio, a wholly owned subsidiary of Huntington Bancshares, Incorporated. Termination of Enforcement Actions The Federal Reserve Board announced on January 28, 2005, the termination of the enforcement actions listed below. The Federal Reserve's enforcement action web site, www.federalreserve.gov/ boarddocs/enforcement, reports the terminations as they occur. * Citizens Deposit Bank and Trust Company, Vanceburg, Kentucky Written agreement dated September 29, 2000 Terminated October 29, 2004 * Southern Commercial Bank, St. Louis, Missouri Written agreement dated June 10, 2003 Terminated December 29, 2004 * BANKFIRST Corporation, Sioux Falls, South, Dakota Written agreement dated April 23, 2003 Terminated January 6, 2005 On February 16, 2005, the Federal Reserve Board announced the termination of the following enforcement actions. * Metamora Bancorp, Inc., Metamora, Ohio, and The Metamora State Bank, Metamora, Ohio Written agreement dated December 10, 2002 Terminated January 31, 2005 * Independent Southern Bancshares, Inc., Employee Stock Ownership Trust and Independent Southern Bancshares, Inc., Brownsville, Tennessee Written agreement dated September 6, 2000 Terminated August 18, 2004 * Banco Atlantico, S.A., Barcelona, Spain, and Banco Atlantico, S.A. New York Agency, New York, New York Written agreement dated June 3, 1999 Terminated August 20, 2004 On February 23, 2005, the Federal Reserve Board announced the termination of the enforcement action below. * Rurban Financial Corp., Defiance, Ohio, and The State Bank and Trust Company, Defiance, Ohio Written agreement dated July 5, 2002 Terminated February 17, 2005 |
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