FDIC ISSUES ENFORCEMENT ACTIONS
AGAINST ILLINOIS BANKERS
FOR IMMEDIATE RELEASE PR-119-2003 (12-5-2003)
Media Contact: Frank Gresock 202-898-6634
The Federal Deposit Insurance Corporation (FDIC) has issued an order imposing civil money penalties on three people previously associated with Savanna State Bank, Savanna, Illinois, Thomson State Bank, Thomson, Illinois, or both.
Floyd England, former chairman, president and chief executive officer of the banks, consented to pay a civil money penalty of $18,000. Todd England, a former director on the boards of Savanna and Thomson agreed to pay a civil money penalty of $7,000. Diana England, a former secretary to the board of Thomson State Bank consented to pay a civil money penalty of $5,000.
In addition, Floyd England and Todd England are also subject to an order prohibiting them from further participation in the banking industry without FDIC approval. They consented to the orders without admitting or denying culpability.
The FDIC alleges that the three respondents participated in unsafe and unsound practices and breached their fiduciary duties.
The orders are attached.
Docket No. FDIC-02-094e
Docket No. FDIC-02-095e
Docket No. FDIC-02-155k
Docket No. FDIC-03-081k
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 9,237 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.
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