Enforcement actions. (Announcements).The Federal Reserve Board Federal Reserve Board (FRB) The seven-member governing body of the Federal Reserve System, which is responsible for setting reserve requirements, and the discount rate, and making other key economic decisions. on February 13, 2003, announced the issuance of a Final Decision and Order of Prohibition against Cynthia Rowe, a former employee of Key Bank, N.A., Cleveland, Ohio. The Order, the result of an action brought by the Office of the Comptroller of the Currency, prohibits Ms. Rowe from participating in the conduct of the affairs of any financial institution or holding company. The Federal Reserve Board on February 13, 2003, announced the issuance of a Final Decision and Order of. Prohibition against Marian L. Butler, a former employee of CoreStates Financial (now First Union), Philadelphia, Pennsylvania. The Order, the result of an action brought by the Office of Comptroller of the Currency Comptroller of the Currency A government official, appointed by the President of the United States, who keeps control over all national banks, and receives reports from the banks at least quarterly, to be published in newspapers., prohibits Ms. Butler from participating in the conduct of the affairs of any financial institution or holding company. The Federal Reserve Board on March 5, 2003, announced the issuance of a consent Order against Dale and Betty Skrobot, both former institution-affiliated parties of the First Western Bank, Cooper City, Florida, a state member bank Member bank A national- or state-chartered bank that is a member of the Federal Reserve System.. The individuals, without admitting to any allegations, consented to the issuance of the Order to resolve allegations that they violated the Change in Bank Control Act and an order issued under the Change in Bank Control Act by the Board of Governors in connection with their acquisition of beneficial ownership Beneficial ownership Often used in risk arbitrage. Person who enjoys the benefits of ownership even though title is in another name. (Abused through the illegal use of a parking violation.) of shares of the bank. The Federal Reserve Board on March 5, 2003, announced the issuance of a consent Order against Michael Sahlgren, an institution-affiliated party of the First Western Bank, Cooper City, Florida, a state member bank. Mr. Sahlgren, without admitting to any allegations, consented to the issuance of the Order to resolve allegations that he violated the Change in Bank Control Act and an order issued under the Change in Bank Control Act by the Board of Governors in connection with his acquisition of beneficial ownership of shares of the bank. The Federal Reserve Board on March 5, 2003, announced the issuance of a consent Order against James C. Agee, an institution-affiliated party of the First Western Bank, Cooper City, Florida, a state member bank. Mr. Agee, without admitting to any allegations, consented to the issuance of the Order to resolve allegations that he violated the Change in Bank Control Act and an order issued under the Change in Bank Control Act by the Board of Governors in connection with his acquisition of beneficial ownership of shares of the bank. The Federal Reserve Board on March 13, 2003, announced the issuance of a consent Order of Assessment of a Civil Money Penalty against First Bank, Creve Coeur, Missouri, a state member bank. First 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 Bank to pay a civil money penalty of $17,150, which will be remitted to the Federal Emergency Management Agency for deposit into the National Flood Mitigation Fund. The Federal Reserve Board on March 13, 2003, announced the issuance of an Order to Cease and Desist and of Prohibition against Terry Frierson, a former chief executive officer, president, and institution-affiliated party of MSB Shares, Inc., and the Midsouth Bank, Jonesboro, Arkansas. The Federal Reserve Board on March 7, 2003, announced the termination of the enforcement actions listed below. Terminations of enforcement actions are listed on the Federal Reserve's public web site www.federalreserve.gov/boarddocs/enforcement as they occur. * Banco Popular de Puerto Rico, Hato Rey, Puerto Rico Written Agreement dated March 9, 2000 Terminated January 16, 2003 * Belmont Bancorp, St. Clairsville, Ohio Written Agreement dated August 3, 1999 Terminated January 10, 2003 * Banco Bilbao Vizcaya Argentario, S.A., and its New York branch and Miami Agency Written Agreement dated June 12, 2000 Terminated February 21, 2003 * Bank of Rogers, Rogers, Arkansas Cease and Desist Order cease and desist order n. an order of a court or government agency to a person, business or organization to stop doing something upon a strong showing that the activity is harmful and/or contrary to law. The order may be permanent or hold until a final judicial determination of legality occurs. dated July 12, 2001 Terminated December 12, 2002 * Grimes Capital Corporation, Houston, Texas Written Agreement dated July 14, 1999 Terminated November 4, 2002 * Valley Independent Bank, El Centro, California Written Agreement dated January 8, 2001 Terminated October 31, 2002 * Guaranty Financial Corporation and Guaranty Bank, Charlottesville, Virginia Written Agreement dated October 26, 2000 Terminated October 23, 2002 * The Daiwa Bank, Limited, Osaka, Japan, and Daiwa Bank and Trust Company, New York, New York Enforcement Actions dated February 2, 1996 Terminated September 25, 2002 * First Security Bancshares, Inc., Lake Park, Iowa, Security State Bank, Milford, Iowa Written Agreement dated August 6, 1999 Terminated September 25, 2002 * Cerritos Valley Bancorp and Cerritos Valley Bank, Artesia California Written Agreement dated October 15,2001 Terminated August 15, 2002 * CSB Bancorp, Inc., Millersburg, Ohio Written Agreement dated November 22, 2000 Terminated June 17, 2002 |
|
||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion