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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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Orders Against Institutions Ongoing

Recent regulatory actions

March 19, 2010

By MortgageDaily.com staff


Several credit unions, or their former employees, were among financial institutions recently hit with regulatory orders. Formal agreements dominated the latest actions. In all, dozens of orders were issued.

The following institutions faced cease-and-desist orders from the Office of the Comptroller of the Currency or the National Credit Union Administration. Failed financial institutions often faced such orders prior to being seized by regulators.

Cease-and-Desist Orders
Company Location Regulator Order/Docket No. Date
McElroy, Robert D. Jr.; Bank of America, National Association Charlotte, N.C. OCC 2010-020 Jan. 20
Rapid City Telco Federal Credit Unionmag Rapid City, S.C. NCUA 09-0059-IV March 3
Wachovia Bank, National Association Charlotte, N.C. OCC 2010-037 March 12
Whitney National Bank New Orleans OCC 2010-014 Feb. 12

Formal agreements were recently reached with the following institutions. Formal 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
BNC National Bank Phoenix OCC 2010-021 Jan. 26
CommerceWest Bank, National Association Newport Beach, Calif. OCC 2010-023 Jan. 15
Community National Bank Waterloo, Iowa OCC 2010-026 Jan. 26
The Farmers National Bank of Cynthiana Cynthiana, Ky. OCC 2010-027 Feb. 19
The First National Bank of Plainview Plainview, Minn. OCC 2010-029 Feb. 5
The First National Bank of Santa Fe Santa Fe, N.M. OCC 2010-033 Jan. 29
First National Bank of Scottsdale Scottsdale, Ariz. OCC 2010-022 Jan. 21
First National Bank of Southern California Riverside, Calif. OCC 2010-024 Jan. 23
Flint River National Bank Camilla, Ga. OCC 2010-025 Jan. 14
Florida First City Banks Fort Walton Beach, Fla. Federal Reserve Bank of Atlanta 10-008-WA/RB-HCC Feb. 26
Heritage Oaks Bancorp Paso Robles, Calif. Federal Reserve Bank of San Francisco 10-036--WA/RB-HC March 4
Idaho Bancorp, Idaho Banking Co. Boise, Idaho Federal Reserve Bank of San Francisco, State of Idaho Department of Finance 10-028-WA/RB-HC, 10-028-WA/RB-SM Feb. 24
Los Alamos National Bank Los Alamos, N.M. OCC 2010-032 Jan. 26
Northwest Community Bancorp Inc. Shoreline, Wash. Federal Reserve Bank of San Francisco 10-033-WA/RB-HC Feb. 18
Northwestern Bank, National Association Dilworth, Minn. OCC 2010-028 Jan. 27
NW Services Corp. Ringgold, Ga. Federal Reserve Bank of Atlanta, Banking Commissioner of the State of Georgia 10-013--WA/RB-HC Feb. 26
Olmsted National Bank Rochester, Minn. OCC 2010-030 Feb. 8
Olmsted Holding Corp. Rochester, Minn. Federal Reserve Bank of Minneapolis 10-024-WA/RB-HC March 3
Ravalli County Bankshares Inc., Ravalli County Bank Hamilton, Mont. Federal Reserve Bank of Minneapolis, and the Montana Division of Banking and Financial Institutions 09-176-WA/RB-HC, 09-176-WA/RB-SM March 4
Stillwater National Bank and Trust Co. Stillwater, Okla. OCC 2010-034 Jan. 27
Winona National Bank Winona, Minn. OCC 2010-031 Feb. 11

A formal agreement with Community National Bank in Waterloo, Iowa, was recently terminated by the OCC.

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

Civil Money Penalties
First National Bank of The Rockies
Individual Company Location Regulator Order/Docket No. Amount Date
Danner, Ron First National Bank of The Rockies Grand Junction, Colo. OCC 2010-016 na Feb. 9
Gentry, Carol First National Bank of The Rockies Grand Junction, Colo. OCC 2010-016 na Feb. 9
Gentry, J. Cleveland First National Bank of The Rockies Grand Junction, Colo. OCC 2010-017 na Feb. 9
Holeyfield, Joe First National Bank of The Rockies Grand Junction, Colo. OCC 2010-018 na Feb. 9
McElroy, Robert D. Jr. Bank of America, National Association Charlotte, N.C. OCC 2010-020 na Jan. 20
Reece, Robert First National Bank of The Rockies Grand Junction, Colo. OCC 2010-019 na Feb. 9
na Wachovia Bank, National Association Charlotte, N.C. OCC 2010-036, AA-EC-10-16 $50,000,000 March 10
na Whitney National Bank New Orleans OCC 2010-013 na Feb. 12

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

Removal / Prohibition Orders
Individual Employer Location Regulator Order # Date
Aldridge, Margaret S. Coastal Waters Federal Credit Union Mobile, Ala. NCUA 09-0056-R3 Dec. 29, 2009
Benarroch, Adam L. Midwest Bank and Trust Elmwood Park, Ill. Federal Reserve Board 09-052-I-Eroch, OCC

March 12
Gleason, David Mid-Tex Federal Credit Union Brownwood, Texas NCUA 10-0003-R4 Jan. 4
Shook, Mandi Nicole TEXDOT-WF Credit Union Wichita Falls, Texas NCUA 09-0057-R4 Oct. 9, 2009

A prompt corrective action directive was issued against the following individual.

Prompt Corrective Action Directive
Employer Location Regulator Order # Date
Horizon Bank Bradenton, Fl. Federal Reserve Board 10-031-PCA-SM March 4

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