FDIC MAKES PUBLIC MAY 1997 ENFORCEMENT ACTIONS;
NO ADMINISTRATIVE HEARINGS SET FOR JULY
FOR IMMEDIATE RELEASE PR-xx-97 (6-27-97)
Media Contact: David Barr (202) 898-6992
The Federal Deposit Insurance Corporation today released a list of orders of administrative enforcement actions taken against banks and individuals in May. No administrative hearings are scheduled during July.
The FDIC processed a total of ten orders in May. These included two cease-and-desist orders, five removal and prohibition orders, one prompt corrective action, one voluntary termination of deposit insurance and one termination of a cease-and-desist order.
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, or fax (703) 562-2296). 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)
United Bank and Trust Company, New Orleans, LA; FDIC-97-032b; Issued 5/1/97
Bank of the Federated States of Micronesia, Kolonia, Pohnpei; Federated States of Micronesia; FDIC-97-019b; Issued 5/13/97
FINAL ORDERS ISSUED PURSUANT TO SECTION 8(e), 12 U.S.C. § 1818(e)
(Removal and Prohibition Orders)
Los Angeles Thrift and Loan Company, Los Angeles, CA; FDIC-96-78e; against Edward I. Hu; Issued 5/4/97
Buffalo Prairie State Bank, Buffalo Prairie, IL; FDIC-96-189e; against Monte J. Fausett; Issued 5/4/97
First Guaranty Bank, Hammond, LA; FDIC-95-65e; against Danna A. Doucet; Issued 5/5/97
Midland Bank, Lee's Summitt, MO; FDIC-96-134e; against Alec Weinberg; Issued 5/4/97
Brighton Bank, Salt Lake City, UT; FDIC-97-12e; against Ellsworth Shiflett; Issued 5/4/97
FINAL ORDERS ISSUED PURSUANT TO SECTION 38, 12 U.S.C. § 1831(o)
(Prompt Corrective Actions)
American International Bank, Los Angeles, CA; FDIC-96-171PCAS; Issued 5/16/97
FINAL ORDERS ISSUED PURSUANT TO SECTION 8(q), 12 U.S.C. § 1818(q)
(Voluntary Termination of Insurance)
Franklin Federal Bancorp, A Federal Savings Bank; Austin, TX; FDIC-97-015q; Issued 5/9/97
TERMINATION OF CEASE-AND-DESIST ORDER
First Los Angeles Bank, Los Angeles, CA (merged into City National Bank, Beverly Hills); FDIC-94-130b; Issued 5/30/97
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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 11,337 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.
FDIC press releases and other information are available on the Internet via the World Wide Web at http://www.fdic.gov/news/index.html and may also be obtained through the FDIC's Public Information Center (800-276-6003 or (703) 562-2200).