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Financial Regulation News | Mortgage Regulations
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FDIC Orders More Than Double

Recent regulatory actions against U.S. financial institutions

Feb. 26, 2010

By MortgageDaily.com staff


Monthly regulatory orders and other matters handled by the Federal Deposit Insurance Corporation have more than doubled from last year. The Federal Reserve has also been busy with its own orders.

The FDIC reported Friday that it executed 67 matters during January, climbing from more than the 57 reported for December and more than doubling from 25 during January 2009.

The following institutions faced FDIC cease-and-desist orders in January. Failed financial institutions often face such orders prior to being seized by regulators.

Cease-and-Desist Orders
Company Location Regulator Order/Docket No. Date
Athol-Clinton Co-operative Bank Athol, Mass. FDIC FDIC-09-605b Jan. 19
Bank of Smithtown Smithtown, N.Y., FDIC FDIC-09-655b Jan. 29
Bank of Valdosta Valdosta, Ga. FDIC FDIC-09-465b Jan. 8
Broadway Bank Chicago FDIC FDIC-09-573b Jan. 26
Bank of Wrightsville Wrightsville, Ga. FDIC FDIC-09-561b Jan. 28
Cambridge State Bank Cambridge, Wis. FDIC FDIC-09-659b Jan. 30
Capitol City Bank & Trust Co. Atlanta FDIC FDIC-09-538b Jan. 20
The Citizens Bank of East Tennessee Rogersville, Tenn. FDIC FDIC-09-645b Jan. 28
Citizens Union Bank of Shelbyville Shelbyville, Ky. FDIC FDIC-09-567b Jan. 15
Clarke County State Bank Osceola, Iowa FDIC FDIC-09-668b Jan. 8
Copper Star Bank Scottsdale, Ariz. FDIC FDIC-09-657b Jan. 28
The Cowlitz Bank Longview, Wash. FDIC FDIC-09-305b Jan. 27
Creekside Bank Woodstock, Ga. FDIC FDIC-09-529b Jan. 8
Evergreen State Bank Stoughton, Wis. FDIC FDIC-08-410b Jan. 25
Farmers & Merchants Bank Eatonton, Ga. FDIC FDIC-09-316b Jan. 13
First Choice Community Bank 1874 Newnan, Ga. FDIC FDIC-09-346b Jan. 19
First Security Bank & Trust Co. Norton, Kan. FDIC FDIC-09-616b Jan. 6
First State Bank of Kiester Kiester, Minn. FDIC FDIC-09-616b Jan. 20
Firstier Bank Louisville, Colo. FDIC FDIC-09-601b Jan. 22
Gulf Coast Community Bank Pensacola, Fla. FDIC FDIC-09-421b Jan. 29
Heritage Bank Jonesboro, Ga. FDIC FDIC-09-664b Jan. 8
Highland Community Bank Chicago FDIC FDIC-09-423b Jan. 21
Northeast Bank Minneapolis FDIC FDIC-09-656b Jan. 26
Oceanside Bank Jacksonville Beach, Fla. FDIC FDIC-09-037b Jan. 7
The Patterson Bank Patterson, Ga. FDIC FDIC-09-687b Jan. 29
Peoples Independent Bank Boaz, Ala. FDIC FDIC-09-670b Jan. 29
Pilsen State Bank Lincolnville, Kan. FDIC FDIC-09-607b Jan. 6
Security State Bank Iron River, Wis. FDIC FDIC-09-546b Jan. 20
Security State Bank Scott City, Kan. FDIC FDIC-09-634b Jan. 22
State Bank of Burnettsville Burnettsville, Ind. FDIC FDIC-09-534b Jan. 14
Stoneham Savings Bank Stoneham, Mass. FDIC FDIC-10-019b Jan. 26
Sunrise Bank of Arizona Phoenix FDIC FDIC-09-704b Jan. 15
Town Community Bank and Trust Antioch, Ill. FDIC FDIC-09-689b Jan. 14
The Union Bank Marksville, La. FDIC FDIC-09-726b Jan. 29
Union State Bank Pell City, Ala. FDIC FDIC-09-589b Jan. 29

Cease-and-desist orders were terminated by the FDIC against Edgebrook Bank in Chicago; The Bank of Harlan in Harlan, Ky.; Mt. Washington Co-operative Bank in South Boston, Mass.; and Nevada Bank and Trust Co. in Caliente, Nev. In addition, a modification of order to cease and desist (No. FDIC-08-293b) was issued on Jan. 27 by the FDIC for Blue Ridge Savings Bank Inc. in Asheville, N.C.

Formal agreements were recently reached with the following institutions, according to the Federal Reserve Board. Such agreements often required the impacted institution to conserve capital, sometimes make changes to management and improve underwriting standards and procedures.

Formal Agreements
Company Location Regulator Order/Docket No. Date
Bankers' Bank of the West Bancorp, Bankers' Bank of the West Denver Federal Reserve Bank of Kansas City, Colorado Division of Banking 10-20-WA/RB-HC, 10-20-WA-SMa Feb. 19
Beach First National Bancshares Inc. Myrtle Beach, S.C. Federal Reserve Bank of Richmond 10- 012-WA/RB-HC Jan. 29
Citizens Bancorp Nevada City, Calif. Federal Reserve Bank of San Francisco 10-006-WA/RB-HC Feb. 22
Citizens Bancshares Inc., The Citizens Bank of Edmond Edmond, Okla. Federal Reserve Bank of Kansas City, Oklahoma State Banking Department 09-173-WA/RB-HC, 09-173-WA/RB-SM Jan. 27
Community First Bank-Chicago Chicago Federal Reserve Bank of Chicago 10-003-WA/RB-SM Feb. 3
Community National Bancorporation Waterloo, Iowa Federal Reserve Bank of Chicago 09-201-WA/RB-HC Feb. 1
First National Corp. Savannah, Ga. Federal Reserve Bank of Atlanta 10-008 -WA/RB-HC Feb. 4
Heritage Commerce Corp., Heritage Bank of Commerce San Jose, Calif. Federal Reserve Bank of San Francisco, California Office of Financial Institutions 10-023-WA/RB-HC, 10-023-WA/RB-SM Feb. 17
Mercantile Bancorp Inc. Quincy, Ill. Federal Reserve Bank of St. Louis 10-027-WA/RB-HCC Feb. 16
Pacific State Bancorp, Pacific State Bank Stockton, Calif. Federal Reserve Bank of San Francisco, California Office of Financial Institutions 10-014-WA/RB-HC, 10-014-WA/RB-SM Feb. 18
SunFirst Corp. St. George, Utah Federal Reserve Bank of San Francisco 10-007-WA/RB-HCC Feb. 4
TCM Co. Crete, Neb. Federal Reserve Bank of Kansas City 10- 016-WA/RB-HC Feb. 1

Institutions in the following table faced FDIC final orders - civil money penalties.

Civil Money Penalties
Company Location Regulator Order/Docket No. Amount Date
American Bank Fond du Lac, Wis. FDIC FDIC-09-629k $1,550 Jan. 28
Americana Community Bank Sleepy Eye, Minn. FDIC FDIC-09-543k $4,000 Jan. 27
Bank of Doniphan Doniphan, Neb. FDIC FDIC-09-544k $4,200 Jan. 4
Bay Bank Green Bay, Wis. FDIC FDIC-09-072k $2,650 Jan. 19
Buffalo Savings Bank Buffalo, Iowa FDIC FDIC-09-653k $4,000 Jan. 8
Busey Bank Champaign, Ill. FDIC FDIC-09-389k $7,445 Jan. 13
The Citizens Bank Morehead, Ky. FDIC FDIC-09-181k $4,700 Jan. 19
Citizens Independent Bank Saint Louis Park, Minn. FDIC FDIC-09-711k $1,400 Jan. 4
Commonwealth Bank and Trust Co. Louisville, Ky. FDIC FDIC-09-384k $16,170 Jan. 26
Grants State Bank Grants, N.M. FDIC FDIC-09-399k $4,700 Jan. 5
Hometown Bank, a Cooperative Bank Webster, Mass. FDIC FDIC-09-663k $10,000 Jan. 4
Moss, Scott A. of First State Bank Shelton, Neb. FDIC FDIC-08-267k $25,000 Jan. 15
Prime Security Bank Karlstad, Minn. FDIC FDIC-09-618k $4,000 Jan. 27
South Shore Savings Bank South Weymouth, Mass. FDIC FDIC-09-500k $50,000 Jan. 27
Stewart, Kerwyn L. of First State Bank Shelton, Neb. FDIC FDIC-08-269k $25,000 Jan. 15
Union Bank and Trust Co. Pottsville, Pa. FDIC FDIC-09-636k $8,575 Jan. 12

Removal-and-prohibition orders were issued against the following individuals by the FDIC.

Removal / Prohibition Orders
Individual Employer Location Regulator Order # Date
Bailey, Cindy L. Security State Bank Scott City, Kan. FDIC FDIC-09-202e Jan. 14
Brophy, Christopher R. Citizens Bank of Pennsylvania Philadelphia FDIC FDIC-09-639e Jan. 27
Denson, Kathryn F. Heritage Banking Group Carthage, Miss. FDIC FDIC-09-136e Jan. 21
Jones, Nina Citizens Bank of Pennsylvania Philadelphia FDIC FDIC-09-570e Jan. 21
Mareska, Susan J. American Bank & Trust Wessington Springs, S.D. FDIC FDIC-09-478e Jan. 21
Mikkola, Allison M. Southbridge Savings Bank Southbridge, Mass. FDIC FDIC-06-100e Jan. 14
Moss, Scott A. First State Bank Shelton, Neb. FDIC FDIC-08-266e Jan. 15
Salinas, Kristina M. First Independent Bank Vancouver, Wash. FDIC FDIC-09-322e Jan. 14
Stewart, Kerwyn L. First State Bank Shelton, Neb. FDIC FDIC-08-268e Jan. 15
Swafford, Lisa A. Prosperan Bank Oakdale, Minn. FDIC FDIC-09-281e Jan. 14

The Federal Reserve Board issued a prompt corrective action (No. 10-030-PCA-SMSM) on Feb. 16 against Marco Community Bank in Marco Island, Fla.

The FDIC said it issued an order granting permission to file application and approving application for consent to participate in the affairs of any insured depository institution (No. FDIC-09-624L) for David Emad Hamdan on Jan. 25.


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