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Financial Regulation News | Mortgage Regulations
Bank and mortgage regulators, regulations and regulatory actions. Coverage of regulatory legislation and testimony.

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Regulatory Actions Swell

Recent regulatory actions against federally insured banks

Jan. 4, 2010

By MortgageDaily.com staff


Federal banking regulators appeared to maintain their rapid pace of regulatory actions. The fourth quarter is shaping up to be a whopper.

The Federal Deposit Insurance Corporation reported that it processed 51 matters during Nov. -- including 34 cease-and-desist orders, nine civil money penalties and three prompt corrective action directives.

Bank failures are often preceded by cease-and-desist orders, which were issued against the following institutions by the FDIC, the Federal Reserve, the Office of the Comptroller of the Currency and the Office of Thrift Supervision.

Cease-and-Desist Orders
Company Location Regulator Order/Docket No. Date
Advanta Bank Corp. Draper, Utah FDIC FDIC-09-651b Nov. 24
Affinity Financial Corp. Irvine, Calif. OTS SE-09-046 Oct. 1
Allegiance Bank of North America Bala Cynwyd, Pa. FDIC FDIC-09-525b Nov. 4
American Continental Bank City of Industry, Calif. FDIC FDIC-09-658b Nov. 30
American Marine Bank Bainbridge Island, Wash. FDIC FDIC-09-445b Nov. 4
American Trust & Savings Bank Whiting, Ind. FDIC FDIC-09-511b Nov. 24
Appalachian Community Bank, F.S.B. McCaysville, Ga. OTS SE-09-061 Dec. 30
Arrowhead Community Bank Glendale, Ariz. FDIC FDIC-09-393b Nov. 10
Bank of Ellijay Ellijay, Ga. FDIC FDIC-09-338b Nov. 24
Bank of Shorewood Shorewood, Ill. FDIC FDIC-09-392b Nov. 24
The Bank of Washington Lynnwood, Wash. FDIC FDIC-09-415b Nov. 18
Bayside Savings Bank Port St. Jo, Fla. OTS SE 09-060 Dec. 22
Beach First National Bank Myrtle Beach, S.C. OCC AA-EC-09-73 Nov. 4
Canon National Bank Canon City, Colo. OCC AA-WE-09-89 Nov. 24
CFS Corporation of Delaware El Paso, Texas OTS WN 09-030 Oct. 7
CFS Financial Corp. El Paso, Texas OTS WN 09-029 Oct. 7
Charter Bank Santa Fe, N.M. OTS WN-09-042 Nov. 20
Charter Companies Inc. Albuquerque, N.M. OTS WN-09-038 Nov. 20
Colombo Bank Rockville, Md. OTS SE 09-050 Oct. 28
Community Bank of Manatee Lakewood Ranch, Fla. FDIC FDIC-09-569b Nov. 25
De Witt State Bank De Witt, Neb. FDIC FDIC-09-442b Nov. 10
Edgewater Bank St. Joseph, Mich. OTS CN 09-40 Oct. 20
Equity Bank, SSB Dallas FDIC FDIC-09-524b Nov. 12
EvaBank Eva, Ala. FDIC FDIC-09-341b Nov. 18
The Exchange Bank Skiatook, Okla. FDIC FDIC-09-439b Nov. 5
Family Federal Savings of IL Cicero, Ill. OTS CN 09-42 Nov. 20
FASLA Holding Company Scottsdale, Ariz. OTS WN 09-034 Nov. 2
First Arizona Savings, a FSB Scottsdale, Ariz. OTS WN 09-033 Nov. 2
First Bank of Dalton Dalton, Ga. FDIC FDIC-09-413b Nov. 17
First Bank of Jacksonville Jacksonville, Fla. FDIC FDIC-09-355b Nov. 10
First Community Bank, N.A. Sugar Land, Texas OCC 2009-191 Nov. 19
First Federal Bank of North Florida Palataka, Fla. OTS SE-09-055 Nov. 13
First National Bank in Pawhuska Pawhuska, Okla. OCC 2009-168 Oct. 22
First National Bank of Jasper Jasper, Texas OCC 2009-169 Oct. 8
First National Bank of Crossett Crossett, Ark. OCC 2009-182 Nov. 10
First National Bank of Griffin Griffin, Ga. OCC 2009-187 Nov. 10
First National Bank of The Rockies Grand Junction, Colo. OCC AA-WE-09-81 Nov. 5
Grand Mountain Bancshares Inc. Granby, Colo. OTS WN 09-037 Nov. 9
Grand Mountain Bank, FSB Granby, Colo. OTS WN 09-036 Nov. 9
Gulf State Community Bank Carrabelle, Fla. FDIC FDIC-09-520b Nov. 20
Harrington West Financial Group Inc. Solvang, Calif. OTS WN-09-032 Oct. 14
Heritage Bank of Central Illinois Trivoli, Ill. FDIC FDIC-09-329b Nov. 2
High Desert Bank Bend, Ore. OTS CN 09-45 Dec. 29
High Trust Bank Stockbridge, Ga. FDIC FDIC-09-486b Nov. 20
Independent National Bank Ocala, Fla. OCC 2009-186 Nov. 4
Key West Bancgroup Inc. Key West, Fla. OTS SE-09-053 Nov. 12
Key West Bank Key West, Fla. OTS SE-09-054 Nov. 12
Lakeside Community Bank Sterling Heights, Mich. FDIC FDIC-09-326b Nov. 18
Lamplighter Financial, MHC Wausatosa, Wis. OTS CN 09-44 Dec. 1
Legacy Bank Scottsdale, Ariz. FDIC FDIC-09-321b Nov. 16
Liberty Bancshares Florida Inc. West Des Moines, Iowa OTS CN 09-33 Oct. 14
Liberty Bank Naples, Fla. OTS CN 09-32 Oct. 14
Liberty Capital Inc. Wilmington, Ohio OTS CN 09-37 Oct. 19
Liberty Savings Bank, FSB Wilmington, Ohio OTS CN 09-36 Oct. 19
Lincoln Federal Bancorp Inc. Lincoln, Neb. OTS CN 09-29 Oct. 6
Lincoln Federal Bancorp, MHC Lincoln, Neb. OTS CN 09-30 Oct. 6
Lincoln Federal Savings Bank of Nebraska Lincoln, Neb. OTS CN 09-28 Oct. 6
Los Padres Bank Solvang, Calif. OTS WN-09-031 Oct. 14
Maritime Savings Bank West Allis, Wis. OTS CN 09-41 Nov. 6
Marshall Bank, N.A. Hallock, Minn. OCC AA-EC-08-75, AA-EC-08-16 Nov. 9
Mid City Bank Inc. Omaha, Neb. FDIC FDIC-09-508b Nov. 20
Nevada Commerce Bank Las Vegas FDIC FDIC-09-522b Nov. 20
Northwest Georgia Bank Ringgold, Ga. FDIC FDIC-09-234b Nov. 20
OceanFirst Bank Toms River, N.J. OTS ND 09-034 Nov. 19
Pacific Valley Bank Salinas, Calif. FDIC FDIC-09-556b Nov. 24
Paragon Bank & Trust Holland, Mich. FDIC FDIC-09-352b Nov. 10
Park View Federal Savings Bank Solon, Ohio OTS CN 09-34 Oct. 19
Peninsula Bank Englewood, Fla. FDIC FDIC-09-498b Nov. 20
Piedmont Community Bank Gray, Ga. FDIC FDIC-08-348b Nov. 24
Plantation FSB Pawleys Island, S.C. OTS SE 09-045 Nov. 9
PVF Capital Corp. Solon, Ohio OTS CN 09-35 Oct. 19
Regal Financial Bank Seattle FDIC FDIC-09-558b Nov. 30
Riverside National Bank of Florida Fort Pierce, Fla. OCC AA-EC-09-80 Nov. 10
San Luis Trust Bank, FSB San Luis Obispo, Calif. OTS WN 09-035 Nov. 2
Second Federal Savings and Loan Association of Chicago Chicago OTS CN 09-31 Oct. 13
Signature Bank Windsor, Colo. FDIC FDIC-09-438b Oct. 22
TCB Financial Inc. Tomahawk, Wis. OTS CN 09-38 Oct. 19
TCB Mutual Holding Co. Tomahawk, Wis. OTS CN 09-39 Oct. 19
Tomahawk Community Bank S.S.B. Tomahawk FDIC FDIC-09-204b Nov. 6
Torrey Pines Bank San Diego FDIC FDIC-09-448b Nov. 16
United Bank & Trust Co. Versailles, Ky. FDIC FDIC-09-485b Nov. 18
Viking Bank Seattle FDIC FDIC-09-364b Nov. 4
Waterfield Bank Germantown, Md. OTS SE-09-047 Oct. 1
Waterstone Financial Inc. Wauwatosa, Wis. OTS CN 09-43 Dec. 1
Western Springs National Bank and Trust Western Springs, Ill. OCC 2009-188 Nov. 19

The OTS said it terminated a cease-and-desist order against Golden First Bank, while the FDIC terminated a cease-and-desist order against Prosperan Bank in Oakdale, Minn.

Formal agreements -- which can require conservation of capital, improvements to lending operations and compliance or a change in management -- were recently reached with the following institutions.

Formal Agreements
Company Location Regulator Order/Docket No. Date
AMB Financial Services Corp. Bainbridge Island, Wash. Federal Reserve Bank of San Francisco 09-180-WA/RB-HC Dec. 1
Bank of Indiana, National Association Dana, Ind. OCC 2009-199 Nov. 6
Beach First National Bank Myrtle Beach, S.C. OCC 2009-190 Nov. 4
Canyon Bancorp Palm Springs, Calif. Federal Reserve Bank of San Francisco 09-199-WA/RB-HC Dec. 15
Centrue Financial Corp. Clayton, Mo. Federal Reserve Bank of Chicago, Illinois Department of Financial and Professional Regulation, Division of Banking 09-192-WA/RB-HC, 09-192-WA/RB-SM-DB-106 Dec. 18
Centrust Bank, N.A. Northbrook, Ill. OCC 2009-197 Nov. 17
Coastal Bancorporation Inc. Merritt Island, Fla. OTS SA Dec. 31
Coastal Bank Merritt Island, Fla. OTS SA Dec. 31
The Community National Bank Franklin, Ohio OCC 2009-181 Oct. 19
The Community National Bank Franklin, Ohio OCC 2009-176 Oct. 19
Cornerstone Bank & Trust, N.A. Carrollton, Ill. OCC 2009-196 Nov. 24
Eagle National Bank Upper Darby, Pa. OCC 2009-177 Oct. 15
Eastern Federal Bank Norwich, Conn. OTS SA Nov. 4
Evergreen National Bank Evergreen, Colo. OCC 2009-173 Oct. 27
First Bank Richmond, N.A. Richmond, Ind. OCC 2009-200 Oct. 26
First Glades Corp. Clewiston, Fla. OTS SA Oct. 9
First Missouri National Bank Brookfield, Mo. OCC 2009-174 Oct. 22
The First National Bank and Trust Company of Rochelle Rochelle, Ill. OCC 2009-198 Nov. 17
First National Bank in Pawhuska Pawhuska, Okla. OCC 2009-211 Oct. 22
First National Bank of Griffin Griffin, Ga. OCC 2009-209 Nov. 10
First National Bank of The Rockies Grand Junction, Colo. OCC 2009-208 Nov. 6
The First National Bank of Wynne Wynne, Ark. OCC 2009-172 Oct. 6
First National Bank & Trust of Syracuse, Nebraska Syracuse, Neb. OCC 2009-202 Nov. 2
Heritage Bank, N.A. Holstein, Iowa OCC 2009-201 Oct. 30
Johnson Holdings Inc., East Central Holding Company Inc. Ramsey, Minn. Federal Reserve Bank of Minnesota 09-187-WA/RB-HC Dec. 17
Liberty National Bank Lawton, Okla. OCC 2009-210 Nov. 5
Midwest Banc Holdings Inc., Midwest Bank and Trust Co Melrose Park and Elmwood Park, Ill. Federal Reserve Bank of Chicago, and the Illinois Department of Financial and Professional Regulation Division of Banking 09-190-WA/RB-HC, 09-190-WA/RB-SM-DB-102 Dec. 18
Modern Bank, N.A. New York OCC 2009-175 Oct. 27
Olde Cypress Community Bank Clewiston, Fla. OTS SA Oct. 9
Phoenixville Federal Bank and Trust Phoenixville, Pa. OTS SA Dec. 8
Riverside National Bank of Florida Fort Pierce, Fla. OCC 2009-185 Nov. 10
Severn Bancorp Inc. Annapolis, Md. OTS SA Nov. 23
Severn Savings Bank, FSB Annapolis, Md. OTS SA Nov. 23
Sterling Financial Corp. Spokane, Wash. Federal Reserve Bank of San Francisco 09-207-WA/RB-HC Dec. 24
West Coast Bancorp Lake Oswego, Ore. Federal Reserve Bank of San Francisco, Oregon Department of Consumer and Business Services, Division of Finance and Corporate Securities 09-181-WA/RB-HC Dec. 18
Williamsburg First National Bank Kingstree, S.C. OCC 2009-178 Oct. 14

A supervisory agreement was terminated by the OTS against Second Federal Savings and Loan Association of Chicago.

The following removal and prohibition orders were reported.

Removal / Prohibition Orders
Individual Employer Location Regulator Order # Date
Tamms-Klett, Pamela J. Bank Mutual Brown Deer, Wis. OTS DC 09-021 Dec. 29
Hager, Eleanor Coastal Bank Merritt Island, Fla. OTS SE 09-057 Nov. 30
Hallmark, Bridgettte S. First Federal Bank Harrison, Ariz. OTS DC 09-010 Dec. 1
Katzfey, Daniel First Home Savings Bank Mountain Grove, Mo. OTS WN 09-041 Nov. 18
Carpenter, Ann Marie First Niagara Bank Lockport, N.Y. OTS DC 09-011 Dec. 1
Kelly, James P. Flagstar Bank, FSB Troy, Mich. OTS DC 09-014 Dec. 8
Orr, Leland G. Generations Bank Phillipsburg, Kan. OTS WN-09-39 Nov. 18
Post, Rebecca D. Generations Bank Phillipsburg, Kan. OTS WN-09-043 Dec. 16
Orr, Robert D. Generations Bank Phillipsburg, Kan. OTS WN-09-40 Nov. 18
Faithauer, Anthony Brent Guaranty FS & LA Dallas OTS DC 09-020 Dec. 29
Welch, Michelle L. Heritage Bank Hopkinsville, Ky. OTS DC 09-009 Oct. 20
Reilly, Shannon L. Liberty Savings Bank, FSB Wilmington, Ohio OTS DC09-016 Dec. 17
Lang, Sally M. Midcountry Bank Marion, Ill. OTS SE 09-058 Dec. 2
Murray, Tara People's United Bank Birdgeport, Conn. OTS DC 09-019 Dec. 29
Tyler, Patricia A. Plantation Federal Savings Bank Pawleys Island, S.C. OTS SE 09-048 Oct. 9
Rayat, Ravinder Sovereign Bank Wyomissing, Pa. OTS DC 09-024 Dec. 29
Vazquez, Tatianna Sovereign Bank Wyomissing, Pa. OTS DC 09-017 Dec. 29
Dickerson, Janine Superior Bank Birmingham, Ala. OTS DC 09-018 Dec. 29
Hoerle, Kristin M. TierOne Bank Lincoln, Neb. OTS DC 09-022 Dec. 29
Walker, Allen Washington Mutual Bank Henderson, Nev. OTS DC09-015 Dec. 9
Mitchell, Karla D Washington Mutual Bank Henderson, Nev. OTS DC 09-012 Dec. 1
Sansberry, Mikeeda R. Washington Mutual Bank Henderson, Nev. OTS DC 09-023 Dec. 29
Diem Nguyen, Sheryn Washington Mutual Bank Henderson, Nev. OTS DC09-013 Dec. 4

Regulators announced that the following civil money penalties were issued.

Civil Money Penalties
Company / Individual Location Regulator Order/Docket No. Date Amount
AFB&T Athens, Ga. FDIC FDIC-09-540k Nov. 9 $7,040
The Casey County Bank Inc. Liberty, Ky. FDIC FDIC-09-180k Nov. 4 $2,350
Coatesville Savings Bank Coatesville, Pa. FDIC FDIC-09-591k Nov. 24 $5,500
Commercial State Bank Andrews, Texas FDIC FDIC-09-532k Nov. 9 $20,535
Domestic Bank Cranston, R.I. OTS NE-09-36 Dec. 16 na
Marshall Bank, N.A. Hallock, Minn. OCC AA-EC-08-75, AA-EC-08-16 Nov. 9 $350,000
Maynard Savings Bank Maynard, Iowa FDIC FDIC-09-504k Nov. 13 $1,925
Meridian Bank Paoli, Pa. FDIC FDIC-09-555k Nov. 23 $2,370
OceanFirst Bank Toms River, N.J. OTS NE 09-035 Nov. 19 na
Security Bank Rich Hill, Mo. FDIC FDIC-09-466k Nov. 17 $4,000
West Pointe Bank Oshkosh, Wis. FDIC FDIC-07-204k Nov. 23 $15,950
Wyoming Bank and Trust Cheyenne, Wyo. FDIC FDIC-09-444k Nov. 18 $4,000

The following prompt corrective actions were reported by regulators.

Prompt Corrective Actions
Company / Individual Location Regulator Order/Docket No. Date Amount
American Marine Bank Bainbridge Island, Wash. FDIC FDIC-09-643PCAS Nov. 20 na
Century Bank, A Federal Savings Bank Sarasota, Fla. OTS SE-09-049 Oct. 22 na
Evergreen Bank Seattle FDIC FDIC-09-595PCAS Nov. 4 na
MainStreet Savings Bank, FSB Hastings, Mich. OTS CN 09-46 Dec. 31 na
New South Federal Savings Bank Irondale, Ala. OTS SE 09-051 Nov. 10 na
Peoples First Community Bank Panama City, Fla. OTS SE 09-056 Nov. 27 na
United Commercial Bank San Francisco FDIC FDIC-09-614PCAS Nov. 2 na

The FDIC approved final orders "granting permission to file application and approving application and approving application for consent to participate in the affairs of any insured depository institution" for Nikita A. Dasilva (FDIC-09-306L Nov. 3), Paula D. Lawrence (FDIC-09-336L Nov. 9) and Frank C. Lee (FDIC-09-366L Nov. 9).


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