FDIC ISSUES REMOVAL AND PROHIBITION ORDER
AND CIVIL MONEY PENALTY AGAINST FORMER WISCONSIN BANKER
FOR IMMEDIATE RELEASE PR-81-2003 (8-28-2003)
Media Contact: David Barr (202) 898-6992
The Federal Deposit Insurance Corporation (FDIC) has issued a removal and prohibition order and imposed a civil money penalty against Sidney Bateman, former chief executive officer of River Bank, Stoddard, Wisconsin.
Bateman consented to the order without admitting or denying culpability. The FDIC's action is based on allegations that, between 1999 and 2000, Bateman engaged in unsafe practices and breach of fiduciary duty while performing his lending duties.
Under the terms of the orders, he must pay a civil money penalty in the amount of $5,000. In addition, Bateman is prohibited from further participation in the banking industry without 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 9,314 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 via the World Wide Web at www.fdic.gov and may also be obtained through the FDIC's Public Information Center (877-275-3342 or (703) 562-2200).