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Orders Issued Against Institutions

Recent regulatory activity

December 15, 2008

By MortgageDaily.com staff


Dozens of institutions have recently faced actions by banking regulators. Meantime, one big bank has agreed to sell some of the branches of another bank it is acquiring and a mortgage firm was delisted from the New York Stock Exchange.

PNC Financial Services Group Inc. has agreed to sell 61 branch banking offices in order to acquire National City Corp., an announcement Thursday from the U.S. Department of Justice said. In addition, half of National City's middle-market Pittsburgh lending operations must be sold.

The sale resolves competitive concerns about the pending merger.

"With the divestitures, the merger would not have a significantly adverse effect on competition in local markets for retail banking, small business banking and middle market banking services," DOJ stated. "As a result of the acquisition, PNC will become the fifth largest bank in the nation, with about $289 billion in assets and about $180 billion in total deposits."

Thornburg Mortgage Inc. reported in a recent SEC filing it was notified by NYSE Regulation Inc. Dec. 1 that its common stock would be delisted from trading on the New York Stock Exchange as of Dec. 5. The company's share price had fallen below $1 over a consecutive 30 trading day period -- triggering the action. No appeal was planned.

The Federal Deposit Insurance Corporation announced this month that cease-and-desist orders were issued against the following institutions:

Bank Location Date Issued
EvaBank Eva, Ala. Oct. 29
Alliance Bank Culver City, Calif. Oct. 15
First Bank of Delaware Wilmington, Del. Oct. 9
FirstBank Financial Services McDonough, Ga. Oct 23
Heritage Community Bank Glenwood, Ill. Oct. 10
Kenney Bank and Trust Kenney, Ill. Oct. 2
Polk County Bank Johnston, Iowa Oct. 27
The Bank of Harlan Harlan, Ky. Oct. 2
OneUnited Bank Boston Oct. 27
Northpointe Bank Grand Rapids, Mich. Oct. 1
Select Bank Grand Rapids, Mich. Aug. 28
Sun Security Bank Ellington, Mo. Oct. 30
Fort Davis State Bank Fort Davis, Texas Oct. 17
Sanderson State Bank Sanderson, Texas Oct. 16
MagnetBank Salt Lake City Oct. 1
Bank of Wyoming Thermopolis, Wyo. Oct. 17

Removal-and-prohibition orders were issued by the FDIC against Community Bank, Blountsville, Ala.; Columbus Bank and Trust Co., Columbus, Ga.; Rockland Trust Co., Rockland, Mass.; Merchants and Farmers Bank, Kosciusko, Miss.; and Bank of Nevada, Las Vegas.

The FDIC issued civil money penalties against the following companies:

Bank Location
Amount
Date Issued
First Bank of Delaware Wilmington, Del. $304,000 Oct. 9
Century Bank of Georgia Cartersville, Ga. $5,500 Oct. 6
Mercantile Bank Quincy, Ill. $2,450 Oct. 22
Community Bank Winslow, Ill. $13,310 Oct. 22
Citizens Union Bank of Shelbyville Shelbyville, Ky. $8,650 Oct. 1
Century Bank Lucedale, Miss. $10,255 Oct. 24
Bank of the Cascades Bend, Ore. $43,550 Oct. 8
Independence Bank East Greenwich, R.I. $2,500 Oct. 17
Anderson Brothers Bank Mullins, S.C. $11,200 Oct. 20
1st Security Bank of Washington Mountlake Terrace, Wash. $4,235 Oct. 9
Banks of Wisconsin Kenosa, Wis. $4,450 na

An order dismissing charges was issued against Community Bank in Blountsville, Ala.

Cease-and-desist orders were terminated against Fremont Investment & Loan, Brea, Calif.; Pan Pacific Bank, Fremont, Calif.; Integrity Bank, Alpharetta, Ga.; 1st State Bank, Saginaw, Mich.; Mesilla Valley Bank, Las Cruces, N.M.; and Mesilla Valley Bank, Las Cruces, N.M. In addition, an order terminating a temporary order to cease and desist was issued against First Bank of Delaware in Wilmington, Del.

The Federal Reserve Board issued a consent order of prohibition against Julianne L. Gingrich, a recent announcement said. Gingrich, who previously worked as a former assistant vice president for SunTrust Bank, didn't admit to any allegations of her participation in violations of law, unsafe and unsound banking practices and breaches of fiduciary duty.

A written agreement between the fed and Community Investment Services Inc. of North Branch, Minn., was announced Thursday. The agreement calls for Community to conserve capital and take steps to improve compliance with laws and regulations. The bank will need to report back regularly on its progress.


In the Matter of Julianne L. Gingrich, A Former Institution-Affiliated Party of SunTrust Bank, Atlanta, Georgia
Docket No. 08-044-E-I, Dec. 3, 2008 (The Board of Governors of the Federal Reserve System, Washington, D.C.)

Written Agreement by and between Community Investment Services Inc., North Branch, Minnesota, and Federal Reserve Bank of Minneapolis, Minneapolis, Minnesota
Docket No. 08-045-WA/RB-HC, Dec. 9, 2008 (The Board of Governors of the Federal Reserve System, Washington, D.C.)

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