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OCC ANNOUNCES CONSENT DECREES FOR EXECUTIVES OF FARMERS NATIONAL BANK OF FORNEY

 WASHINGTON, March 4 /PRNewswire/ -- The Office of the Comptroller of the Currency today announced that John Nunn, the former president, and Richard Don Harris, the current president, of the Farmers National Bank of Forney, Forney, Texas, have consented to civil money penalties of $3,000 and $30,000, respectively, for alleged violations of the Change in Bank Control Act (CBCA).
 The actions announced today stem from allegations by the OCC that Nunn and Harris willfully violated the CBCA by failing to properly notify the OCC of the circumstances surrounding their acquisition of bank common stock between March and October 1987.
 The OCC alleged that the manner in which the defendants acquired control of the bank differed from the description in their CBCA notice. This included the number of shares acquired by the defendants, the amount borrowed to finance the purchase, the degree of liability of the defendants for the debt and payments to a third party by one of the defendants for acquisition of his interest in the stock purchase contract. The OCC also alleged that a significant portion of the purchase price was paid from the proceeds of undisclosed stock sales to third party investors which took effect upon the change in control.
 Under terms of the consent decrees, Nunn and Harris also agreed not to commit any future violations of the Change in Bank Control Act. Neither defendant admitted liability in connection with the consent decrees.
 -0- 3/4/93
 /CONTACT: Frank Vance Jr. of the Office of the Comptroller of the Currency, 202-874-4700/


CO: Office of the Comptroller of the Currency; Farmers National Bank
 of Forney ST: Texas IN: FIN SU:


DC -- DC011 -- 2880 03/04/93 10:12 EST
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Publication:PR Newswire
Date:Mar 4, 1993
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