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Mortgage Compliance News | Mortgage Compliance Newsletter | Mortgage Regulations
News about complying with mortgage laws, rules and regulations.


Dozens of Banks Hit With Regulatory Actions

Recent regulatory actions

July 20, 2009

By MortgageDaily.com staff


More than 30 regulatory actions were recently taken against U.S. financial institutions. The majority of the actions were formal agreements requiring banks to clean up their bad loans, increase capital and overhaul management.

The Office of the Comptroller of the Currency issued cease-and-desist order number 2009-080 against Amcore Bank, N.A., on June 25. A prompt corrective action directive (order No. 2009-097) was taken on June 4 against The First National Bank of Danville in Danville, Ill.

A personal cease-and-desist order (No. 2009-095) was issued by the OCC on June 25 against Lovic J. Marbury of Albany Bank & Trust, N.A., in Albany, Ga. Another personal cease-and-desist order (No. 2009-096) was issued on June 15 against William Ashley Gurganus of Bank of America, N.A., in Charlotte, N.C.

Seattle Bank and parent Seattle Financial Group announced on July 10 a formal agreement with the Federal Deposit Insurance Corporation and the Washington State Department of Financial Institutions. The Seattle-based institution, previously known as Seattle Savings Bank, said it must reduce problem loans, increase capital and formalize management improvements.

Rob Story Jr., who is part of the family that owns Seattle Bank, said in the statement that subsidiary Seattle Mortgage Co. is originating near a record pace.

The following institutions entered formal agreements with the OCC.

Institution Location Order No. Date
Alabama Trust Bank, N.A. Sylacauga, Ala. 2009-081 June 5
Bank of The Lakes, N.A. Owasso, Okla. 2009-091 June 19
The Citizens National Bank Putnam, Conn. 2009-084 June 9
Centrust Bank, N.A. Northbrook, Ill. 2009-089 June 16
Credicard National Bank Tucson, Ariz. 2009-082 April 28
Eastern National Bank Miami 2009-086 June 26
Fidelity Bank of Florida, N.A. Merritt Island, Fla. 2009-085 June 9
The First National Bank of Barnesville Barnesville, Ga. 2009-087 June 9
First Southern National Bank Statesboro, Ga. 2009-088 May 18
Gladewater National Bank Gladewater, Texas 2009-093 June 17
Meridian Bank, N.A. Wickenburg, Ariz. 2009-083 June 3
Mountain National Bank Sevierville, Tenn. 2009-092 June 2
United Community Bank, N.A. Highland Village, Texas 2009-094 June 11
Valley National Bank Espanola, N.M. 2009-090 June 2

The OCC issued the following removal-prohibition orders.

Name Institution Location Order No. Date
Julie A. Eskew Trustmark National Bank Jackson, Miss. 2009-099 June 18
Robin Gatens City National Bank of West Virginia Charleston, W.V. 2009-100 June 15
Regina Mobley City National Bank of West Virginia Charleston, W.V. 2009-101 June 15
James V. Nixon TD Bank, N.A. Wilmington, Del. 2009-098 June 15

The Federal Reserve Board reported that formal agreements have been entered with the following banks.

Institution Location Regulator Docket Number Date
Bankers' Bancorp Inc., Independent Bankers' Bank Springfield, Ill. Federal Reserve Bank of Chicago,
Illinois Department of Financial and Professional Regulation, Division of Banking
09-082-WA/RB-HC
09-082-WA/RB-SM
2009-DB-50
June 30
First State Bancorporation Albuquerque, N.M. Federal Reserve Bank of Kansas City,
New Mexico Regulation and Licensing Department, Financial Institutions Division
09-075-WA/RB-HC
09-075-WA/RB-SM
July 2
Frontier Financial Corp. Everett, Wash. Federal Reserve Bank of San Francisco 09-073-WA/RB-HC July 2
North Georgia Bancorp Inc. Watkinsville, Ga. Federal Reserve Bank of Atlanta 09-098-WA/RB-HC July 14
PAB Bankshares Inc., The Park Avenue Bank Valdosta, Ga. Federal Reserve Bank of Atlanta, Banking Commissioner of the State of Georgia 09-084-WA/RB-HC
09-084-WA/RB-SM
July 14
Profinium Financial Holdings Inc.,
Profinium Financial Inc.
Fairmont, Minn. Federal Reserve Bank of Minneapolis 09-064-WA/RB-HC
09-064-WA/RB-SM
July 9

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