FDIC ISSUES REMOVAL AND PROHIBITION ORDER
AND CIVIL MONEY PENALTY AGAINST FORMER INDIANA BANKER
FOR IMMEDIATE RELEASE PR-131-2003
Media Contact: David Barr (202) 898-6992
The Federal Deposit Insurance Corporation (FDIC) issued a removal and prohibition order and imposed a $5,000 civil money penalty against Kenneth Keith Fox.
Fox was an executive vice president of Heartland Community Bank, Franklin, IN.
Fox consented to the orders without admitting or denying culpability. The FDICís action is based on allegations that Fox, as chief lending officer, withheld and misrepresented information to the bankís loan committee.
Under the orders, Fox is prohibited from further participation in the banking industry without prior FDIC approval.
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.
FDIC press releases and other information are available on the Internet at www.fdic.gov or through the FDIC's Public Information Center (877-275-3342 or (703) 562-2200).