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Fewer Monthly FDIC Orders

Recent regulatory actions against banks

July 8, 2010

By MortgageDaily.com staff


Banks faced fewer actions by the Federal Deposit Insurance Corp. for the second consecutive month, though orders exceeded activity a year earlier.

Matters handled by the Federal Deposit Insurance Corp. eased for the second consecutive month to 62 during May. Activity was higher in April at 76 actions and lower a year earlier at 43.

Including in the FDIC's actions were the following cease-and-desist orders. Bank failures are often preceded by such orders.

Cease-and-Desist Orders
Company Location Regulator Order/Docket No. Date
America California Bank San Francisco FDIC FDIC-10-287b May 14
Bank of Choice Greeley, Colo. FDIC FDIC-10-142b May 6
Bank of Florida - Southwest Fort Lauderdale, Fla. FDIC FDIC-09-587b May 21
Bank of Florida - Southwest Naples Fla. FDIC FDIC-09-586b May 21
Bank of Florida - Tampa Bay Tampa, Fla. FDIC FDIC-09-588b May 20
Bank of Monticello Monticello, Ga. FDIC FDIC-10-258b May 27
Builders Bank Chicago FDIC FDIC-09-617b May 27
Butte Community Bank Chico, Calif. FDIC FDIC-10-097b May 18
Citizens Bank of Effingham Springfield, Ga. FDIC FDIC-10-102b May 4
Columbus Community Bank Columbus, Ga. FDIC FDIC-10-135b May 25
Congaree State Bank West Columbia, S.C. FDIC FDIC-10-047b May 14
Eagle Community Bank Maple Grove, Minn. FDIC FDIC-10-164b May 27
Ericson State Bank Ericson, Neb. FDIC FDIC-10-230b May 20
First CornerStone Bank King of Prussia, Pa. FDIC FDIC-10-151b May 12
First Vietnamese American Bank Westminster, Calif. FDIC FDIC-10-248b May 25
Glasgow Savings Bank Glasgow, Mo. FDIC FDIC-10-282b May 26
HomeStar Bank and Financial Services Manteno, Ill. FDIC FDIC-09-580b May 24
Monarch Community Bank Coldwater, Mich. FDIC FDIC-10-190b May 6
Nova Bank Berwyn, Pa. FDIC FDIC-10-210b May 7
Pine River Valley Bank Bayfield, Colo. FDIC FDIC-10-284b May 26
Pineland State Bank Metter, Ga. FDIC FDIC-10-211b May 27
Pisgah Community Bank Asheville, N.C. FDIC FDIC-10-280b May 5
Premier Bank Tallahassee, Fla. FDIC FDIC-10-074b May 5
Sonoma Valley Bank Sonoma, Calif. FDIC FDIC-10-249b May 18
South Georgia Bank Glennville, Ga. FDIC FDIC-10-165b May 5
Superior Bank Hazelwood, Mo. FDIC FDIC-10-229b May 26
The Equitable Bank, SSB Wauwatosa, Wis. FDIC FDIC-10-099b May 14
The First Bank of Greenwich Cos Cob, Conn. FDIC FDIC-10-323b May 17
Traverse City State Bank Traverse City, Mich. FDIC FDIC-10-131b May 26
Tri Valley Bank San Ramon, Calif. FDIC FDIC-10-293b May 24

Orders Terminating Cease-and-Desist Orders
Company Location Regulator Order/Docket No. Date
Arcola Homestead Savings Bank Arcola, Ill. FDIC FDIC-09-078b May 27
BankHaven Haven, Kan. FDIC FDIC-08-108b May 28
Citizens State Bank of Lankin Lankin, N.D. FDIC FDIC-07-01b May 20
De Witt State Bank De Witt, Neb. FDIC FDIC-09-442b May 20
The Farmers Bank Lincoln, Neb. FDIC FDIC-09-060b May 20
Paragon Bank & Trust Holland, Mich. FDIC FDIC-09-352b May 6
State Bank of Aurora Aurora, Minn. FDIC FDIC-09-026b May 26


Banks that enter formal agreements are often required to increase capital, improve operations and sometimes change management. The Federal Reserve Board announced the following 12 formal agreements.

Formal Agreements
Company Location Regulator Order/Docket No. Date
BNB Financial Services Corp. New York Federal Reserve Bank of New York 10-060-WA/RB-HC June 22
Cecil Bancorp Inc., Cecil Bank Elkton, Md. Federal Reserve Bank of Richmond, State of Maryland Commissioner of Financial Regulation 10-044 -WA/RB-HC, 10-044 -WA/RB-SM June 29
Central Virginia Bancshares, Inc., Powhatan, Virginia, a registered bank holding company, its subsidiary bank, Central Virginia Bank Powhatan, Virginia Federal Reserve Bank of Richmond; Virginia State Corporation Commission, Bureau of Financial Institutions 10-068 -WA/RB-HC, 10-068 -WA/RB-SM June 30
Citizens Bancshares Co. Chillicothe, Mo. Federal Reserve Bank of Kansas City 10-124-WA/RB-HC June 21
First Capital West Bankshares Inc. Laramie, Wyo. Federal Reserve Bank of Kansas City 10-100-WA/RB-HC June 7
Greensburg Bancshares Inc. Greensburg, La. Federal Reserve Bank of Atlanta, Louisiana Office of Financial Institutions 10-114-WA/RB-HC June 18
Mission Oaks Bancorp Temecula, Calif. Federal Reserve Bank of San Francisco 10-096-WA/RB-HC June 1
NBN Corp. Newport, Tenn. Federal Reserve Bank of Atlanta 10-137-WA/RB-HC June 22
OptimumBank Holdings Inc. Fort Lauderdale, Fla. Federal Reserve Bank of Atlanta 10-133-WA/RB-HC June 22
Smithtown Bancorp Inc. Hauppauge, N.Y. Federal Reserve Bank of New York 10-076-WA/RB-HC June 22
Star Bancorp Inc. Scottsdale, Ariz. Federal Reserve Bank of San Francisco 10-118 -WA/RB-HC June 30
Waccamaw Bankshares Inc., Waccamaw Bank Whiteville, N.C. Federal Reserve Bank of Richmond; State of North Carolina, Office of the Commissioner of Banks 10-105-WA/RB-HC, 10-105-WA/RB-SM June 14

The following three individuals were banned from banking.

Removal / Prohibition Orders
Employer Individual Location Regulator Order # Date
Citizens Bank of Pennsylvania Trena M. Smith Philadelphia FDIC FDIC-10-197e May 20
Commerce Bank & Trust Co., 1-800-EAST-WEST MORTGAGE CO. John F. Gallagher Worcester, Mass. FDIC FDIC-08-327e May 20
TotalBank Antoinette Rios Miami FDIC FDIC-09-729e May 20

The FDIC and the Fed issued final orders as outlined in the tables below.

Final Orders - Civil Money Penalties

Company Location Regulator Order/Docket No. Amount Date
Bank of Monticello Monticello, Ga. FDIC FDIC-10-136k $5,600 May 11
Bank of Nevada Las Vegas FDIC FDIC-10-261k $2,350 May 7
Bank of the West San Francisco FDIC FDIC-10-253k $68,200 May 3
Blackhawk Bank & Trust Milan, Ill. FDIC FDIC-09-075k $3,325 May 12
Chinatrust Bank (U.S.A.) Torrance, Calif. FDIC FDIC-10-254k $2,000 May 14
Commerce Bank & Trust Co. and 1-800-EAST-WEST MORTGAGE CO.; against John F. Gallagher Worcester, Mass. FDIC FDIC-08-328k $150,000 May 20
Eurobank San Juan, P.R. FDIC FDIC-10-193k $25,000 April 22
Farmers and Merchants Union Bank Columbus, Wis. FDIC FDIC-09-674k $5,500 May 18
Saehan Bank Los Angeles FDIC FDIC-10-255k $2,200 May 7
Security State Bank Waverly, Iowa FDIC FDIC-10-141k $2,000 May 11
The Bank of Harlan Harlan, Ky. FDIC FDIC-09-034k $8,315 May 25
The Bank of New Glarus New Glarus, Wis. FDIC FDIC-10-232k $5,400 May 12
The Coastal Bank of Georgia Brunswick, Ga. FDIC FDIC-10-396k $74,580 May 28

Final Orders - Prompt Corrective Actions
Company Location Regulator Order/Docket No. Date
Badger State Bank Cassville, Wis. FDIC FDIC-10-316PCAS May 5
Butte Community Bank Chico, Calif. FDIC FDIC-10-334PCAS May 3
Blue Ridge Savings Bank Inc. Asheville, N.C. FDIC FDIC-10-333PCAS May 28
Legacy Bank Scottsdale, Ariz. FDIC FDIC-10-354PCAS May 24
LibertyBank Eugene, Ore. FDIC FDIC-10-361PCAS May 14
Ravenswood Bank Chicago FDIC FDIC-10-286PCAS May 6
Shoreline Bank Shoreline, Calif. FDIC FDIC-10-387PCAS May 27
SouthwestUSA Bank Las Vegas FDIC FDIC-10-343PCAS May 7
Thunder Bank Sylvan Grove, Kan. Federal Reserve Board 10-123-PCA-SM June 21

An Order (FDIC-09-759L) Granting Permission to File Section 19 Application and Approving Application for Consent to Participate in the Affairs of any Insured Depository Institution was issued on May 5 to Jeff Lee Benitez by the FDIC.


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