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FDIC MAKES PUBLIC AUGUST ENFORCEMENT ACTIONS; ONE ADMINISTRATIVE HEARING SCHEDULED

FOR IMMEDIATE RELEASE
PR-101-2002 (10-02-2002)
Media Contact:
Frank Gresock (202) 898-6634

The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in August. One administrative hearing is scheduled for October.

The FDIC processed a total of 11 orders in August. These included six cease-and-desist orders, three civil money penalty orders, one termination of a cease-and-desist order, and one adjudicated decision.

Copies of the orders referred to above can be obtained from or inspected at the FDIC's Public Information Center, 801 17th Street, N.W., Room 100, Washington, D.C. (telephone (703) 562-2200 or 800-276-6003). The orders will also be made available on-line within a week of the issuance of this news release. To view the orders on-line, visit the FDIC's Web page at http://www.fdic.gov/bank/individual/enforcement/index.html. A list of orders made public today follows.

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FINAL ORDERS ISSUED PURSUANT TO SECTION 8(b), 12 U.S.C. 1818(b)

(Cease-and-Desist)

Community Bank of the Bay, Oakland, CA; FDIC-02-098b; Issued 8/9/02

Reading State Bank, Reading, KS; FDIC-02-086b; Issued 8/8/02

The Peoples State Bank, Hodgenville, KY; FDIC-02-077b; Issued 8/5/02

First Enterprise Bank, Oklahoma City, OK; FDIC-02-053b; Issued 8/29/02

Dorchester State Bank, Dorchester, WI; FDIC-02-073b; Issued 8/16/02

Spencer State Bank, Spencer, WI; FDIC-02-091b; Issued 8/26/02

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FINAL ORDERS ISSUED PURSUANT TO SECTION 8(i), 12 U.S.C. 1818(i)

(Civil Money Penalties)

First Citrus Bank, Tampa, FL; FDIC-02-008k; Order to Pay Civil Money Penalty in the amount of $1,200; Issued 8/28/02

Americrest Bank, Oklahoma City, OK; FDIC-02-075k; Order to Pay Civil Money Penalty in the amount of $10,150; Issued 8/19/02

The Bank/First Citizens Bank, Cleveland, TN; FDIC-02-064k; Order to Pay Civil Money Penalty in the amount of $1,800; Issued 8/28/02

TERMINATION OF CEASE-AND-DESIST ORDER

First Mountain Bank, Big Bear Lake, CA; FDIC-01-025b; Issued 8/8/02

ADJUDICATED DECISION

Farmers Bank of Vine Grove, Vine Grove, KY; FDIC-98-046e; FDIC-98-044k;
Decision and Order to Prohibit From Further Participation in Banking and Assessment of Civil Money Penalty against Charles F. Watts in the amount of $304,000; Issued 8/6/02

ADMINISTRATIVE HEARING SCHEDULED FOR OCTOBER 2002

Cornerstone Community Bank, Chattanooga, TN; In the Matter of Marsha Yessick; FDIC-00-050k; Civil Money Penalty Proceeding

Date: October 8, 2002
Location: Chattanooga, Tennessee
FDIC contact: Richard W. Ott, Senior
Memphis Area Office Attorney

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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 9,480 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars-insured financial institutions fund its operations.

FDIC press releases and other information are available on the Internet at www.fdic.gov or through the FDIC's Public Information Center (800-276-6003 or (703) 562-2200).

Last Updated 10/02/2002 communications@fdic.gov