FDIC MAKES PUBLIC DECEMBER 1998 ENFORCEMENT ACTIONS;
NO ADMINISTRATIVE HEARINGS SCHEDULED FOR FEBRUARY
FOR IMMEDIATE RELEASE PR-3-99 (2-5-99)
Media Contact: David Barr (202) 898-6992
The Federal Deposit Insurance Corporation (FDIC) today released a list of orders of administrative enforcement actions taken against banks and individuals in December. No administrative hearings are scheduled for February 1999.
The FDIC processed a total of 16 final orders in December. These included two cease-and-desist orders, three removal and prohibition orders, two civil money penalties, four terminations of deposit insurance, one voluntary termination of deposit insurance, two terminations of cease-and-desist orders and two Call Report penalties.
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. 20434 (telephone (703) 562-2200 or 800-276-6003). A list of the orders made public today follows.
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FINAL ORDERS ISSUED PURSUANT TO SECTION 8(b), 12 U.S.C. § 1818(b)
Pacific Thrift and Loan Company, Woodland Hills, CA; FDIC-98-114b; Issued 12/14/98
Bank of Honolulu, Honolulu, HI; FDIC-98-120b; Issued 12/31/98
FINAL ORDERS ISSUED PURSUANT TO SECTION 8(e), 12 U.S.C. § 1818(e)
(Removal and Prohibition Orders)
The Bank of Southeastern Connecticut, Waterford, CT, now a branch of The Norwich Savings Society, Norwich, CT; FDIC-96-37e; against Nan K. Crowley; Issued 12/9/98
The Bank of Southeastern Connecticut, Waterford, CT, now a branch of The Norwich Savings Society, Norwich, CT; FDIC-96-38e; against Joseph M. Stellato; Issued 12/9/98
First State Bank, Moulton, TX; FDIC-98-070e; against Deborah G. Mallard; Issued 12/9/98
FINAL ORDERS ISSUED PURSUANT TO SECTION 8(i), 12 U.S.C. § 1818(i)
(Civil Money Penalties)
Bank of the West, Walnut Creek, CA; FDIC-98-102k; Order to Pay Civil Money Penalty $9,000; Issued 12/10/98
Kenly Savings Bank, Inc., SSB; Kenly, NC; FDIC-98-086k; Order to Pay Civil Money Penalty $2,000; Issued 12/15/98
FINAL ORDERS ISSUED PURSUANT TO SECTION 8(p), 12 U.S.C. § 1818(p)
(Termination of Insurance)
Korea First Bank, Chicago Branch, Chicago, IL; FDIC-98-115p; Issued 12/29/98
Royal Thrift & Loan Company, Los Angeles, CA; FDIC-98-112p; Issued 12/29/98
Bank of Bermuda (New York) Limited, New York, NY; FDIC-98-099p; Issued 12/29/98
FINAL ORDERS ISSUED PURSUANT TO SECTION 7(a), 12 U.S.C. § 1817(a)
(Call Report Penalties)
Pinnacle Bank, St. Joseph, MI; CR-98-9704-001; Stipulation and Consent Order to Pay $4,200; Issued 12/29/98
Covenant Bank, Haddonfield, NJ; CR-98-9704-002; Stipulation and Consent Order to Pay $2,100; Issued 12/29/98
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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 10,623 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 www.fdic.gov
and may also be obtained through the FDIC's Public Information Center (800-276-6003 or (703) 562-2200).