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Financial Regulation News | Mortgage Regulations
Bank and mortgage regulators, regulations and regulatory actions. Coverage of regulatory legislation and testimony.
Banks & Individuals Face Regulatory Actions

Recent regulatory activity

Nov. 20, 2009

By staff

Several individuals -- including three who were convicted -- have been banned from working at federally insured financial institutions. More than 10 banks recently entered formal agreements with federal regulators.

The Federal Reserve Board issued a Prompt Corrective Action Directive (Docket No. 09-185-PCA-SM) on Nov. 9 against Orion Bank in Naples, Fla.

Formal agreements were reached between the following institutions and their respective regulators. Such agreements often require the preservation of capital, changes in lending policies and progress reports. Some require management changes.
Formal Agreements
Company Location Regulator Order/Docket No. Date
Allegiance Bank of North America Bala Cynwyd, Pa. Federal Deposit Insurance Corporation na na
Blue Valley Ban Corp., Bank of Blue Valley Overland Park, Kan. Federal Reserve Bank of Kansas City 09-143-WA/RB-HC, 09-143-WA/RB-SM Nov. 4
Butler Bancorp, MHC; Butler Bancorp Inc. Lowell, Mass. Federal Reserve Bank of Boston 09-132-WA/RB-HC Oct. 20
Campello Bancorp Brockton, Mass. Federal Reserve Bank of Boston 09-122-WA/RB-HC Nov. 11
Flagler Bank West Palm Beach, Fla. Federal Reserve Bank of Atlanta, State of Florida Office of Financial Regulation 09-155-WA/RB-HC, 09-155-WA/RB-SM, OFR Administrative File No. 0685-FI-10/09 Nov. 1
FMB Bancshares Inc. Lakeland, Ga. Federal Reserve Bank of Atlanta, Banking Commissioner of the State of Georgia 09-161-WA/RB-HC Nov. 11
Horizon Bank Bradenton, Fla. State of Florida Office of Financial Regulation, Federal Reserve Bank of Atlanta 09-146-WA/RB-SM, OFR Proceeding No. 0676-FI-09/09 Nov. 10
Landmark Financial Holding Co., Landmark Bank of Florida Sarasota, Fla. Federal Reserve Bank of Atlanta, State of Florida Office of Financial Regulation 09-156-WA/RB-HC, 09-156-WA/RB-SM, OFR Administrative File No. 0683-FI-10/09 Nov. 5
Middle Georgia Corp. Ellaville, Ga. Federal Reserve Bank of Atlanta, Banking Commissioner of the State of Georgia 09-134-WA/RB-HC Nov. 6
Pacific Coast National Bancorp San Clemente, Calif. Federal Reserve Bank of San Francisco 09-160-WA/RB-HC Nov. 5
West Concord Bancshares Inc., Farmers State Bank of West Concord West Concord, Minn. Federal Reserve Bank of Minneapolis 09-092-WA/RB-HC, 09-092-WA/RB-SM Nov. 6

The National Credit Union Administration Board announced that prohibition orders were issued against the following individuals. The orders, which cost $1 million if violated, prohibit further participation in the affairs of any federally insured financial institution.

Individual Former Position Former Employer Location Notes
Bowers Jr., Donald manager 1st United Labor Federal Credit Union Louisville, Ky. Signed order to avoid time and cost of administrative litigation. Didn't admit or deny fault.
Franco, Jessica loan officer Navy Army Federal Credit Union Corpus Christi, Texas Convicted of aiding and abetting a false statement on a federal credit union loan or credit application and sentenced to 5 years probation and ordered to pay a $2,000 fine and a $100 assessment.
Gonzalez, Ana head teller Southland Federal Credit Union Lufkin, Texas Signed order to avoid time and cost of administrative litigation. Didn't admit or deny fault.
Hitt, Tracey Michelle Reese employee Magnolia Federal Credit Union Jackson, Miss. Signed order to avoid time and cost of administrative litigation. Didn't admit or deny fault.
Jones, Anthony C. vice president State Department FCU Alexandria, Va. Convicted of credit union theft, embezzlement or misapplication of more than $1,000 and sentenced to 21 months in prison, 3 years of supervised probation and ordered to pay $122,067 in restitution.
Pushnik, Christina former teller Stanwood Area Federal Credit Union New Stanton, Pa. Convicted of property theft and sentenced to two years supervised probation.

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