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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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Banks Face Dozens of Regulatory Actions

Recent regulatory actions against federally insured banks

Dec. 21, 2009

By MortgageDaily.com staff


More than 40 regulatory orders and actions against financial institutions and their employees have been reported by federal banking regulators during the past three weeks.

Bank failures are often preceded by cease-and-desist orders, which were issued against the following institutions.

Cease-and-Desist Orders
Company Location Regulator Order/Docket No. Date
Beach First National Bank Myrtle Beach, S.C. OCC 2009-190 Nov. 4
Canon National Bank Canon City, Colo. OCC 2009-183 Nov. 24
Credit Suisse AG Zurich, Switzerland Federal Reserve Board 09-210-B-FB Dec. 16
First Community Bank, National Association Sugar Land, Texas OCC 2009-191 Nov. 19
First National Bank of Griffin Griffin, Ga. OCC 2009-187 Nov. 10
First National Bank of Crossett Crossett, Ark. OCC 2009-182 Nov. 10
First National Bank of The Rockies Grand Junction, Colo. OCC 2009-184 Nov. 5
Independent National Bank Ocala, Fla. OCC 2009-186 Nov. 4
Marshall Bank, National Association Hallock, Minn. OCC 2009-189 Nov. 9
Pierce County Bancorp, Pierce Commercial Bank Tacoma, Wash. Federal Reserve Board, Washington State Department of Financial Institutions 09-174-B-HC 09-174-B-SM Dec. 4
Riverside National Bank of Florida Fort Pierce, Fla. OCC 2009-185 Nov. 10
Western Springs National Bank and Trust Western Springs, Ill. OCC 2009-188 Nov. 19

A prompt corrective action (No. 09-189-PCA-SMHC) was issued against Bank of Illinois in Normal, Ill., by the Federal Reserve Board on Nov. 24.

Formal agreements, which often require conservation of capital as well as improvements to lending operations and compliance, were recently reached with the institutions listed on the following tables. Formal agreements require banks to regularly report back about their performance, and some require a change in management.

Formal Agreements
Company Location Regulator Order/Docket No. Date
1st Pacific Bancorp, 1st Pacific Bank of California San Diego Federal Reserve Bank of San Francisco 09-157-WA/RB-HC, 09-157-WA/RB-SM Dec. 10
Bank of Indiana, National Association Dana, Ind. OCC 2009-199 Nov. 6
Centrust Bank, National Association Northbrook, Ill. OCC 2009-197 Nov. 17
Commercial Bancshares Inc. Bloomington, Minn. Federal Reserve Bank of Minneapolis 09-182-WA/RB-HC Nov. 23
Cornerstone Bank & Trust, National Association Carrollton, Ill. OCC 2009-196 Nov. 24
County Bancorp Inc. Arlington, Wash. Federal Reserve Bank of San Francisco .09-179-WA/RB-HC Nov. 23
First Bank Richmond, National Association Richmond, Ind. OCC 2009-200 Oct. 26
First Mariner Bancorp Baltimore Federal Reserve Bank of Richmond 09-188-WA/RB-HC Nov. 24
The First National Bank and Trust Company of Rochelle Rochelle, Ill. OCC 2009-198 Nov. 17
First National Bank & Trust of Syracuse, Nebraska Syracuse, Neb. OCC 2009-202 Nov. 2
Heritage Bank, National Association Holstein, Iowa OCC 2009-201 Oct. 30
Ohio State Bancshares Inc. Marion, Ohio Federal Reserve Bank of Cleveland 09-164-WA/RB-HC Nov. 18
River Valley Bancorp Inc. Davenport, Iowa Federal Reserve Bank of Chicago Docket No. 09-183-WA/RB-HC Dec. 1
Washington Bancorp Inc. Lynnwood, Wash. Federal Reserve Bank of San Francisco 09-168-WA/RB-HC Nov. 19

Spokane, Wash.-based Sterling Savings Bank said in a Dec. 3 statement that it is making progress toward meeting the requirements of an Oct. 2 consent agreement.

Formal agreements were terminated by the OCC with Beach First National Bank, First National Bank in Pawhuska, First National Bank of Griffin, First National Bank of The Rockies, Liberty National Bank and Riverside National Bank of Florida.

The following removal and prohibition orders were reported.

Removal / Prohibition Orders
Individual Employer Location Order # Date
Bell, Carmen United States Trust Company, National Association New York 2009-204 Nov. 23
Bryan, James Preston JPMorgan Chase Bank, National Association Columbus, Ohio 2009-206 Nov. 17
Goodwin, Barbara B. Harleysville National Bank and Trust Co. Harleysville, Pa. 2009-207 Nov. 9
Henderson, Cynthia F. Trustmark National Bank Jackson, Miss. 2009-203 Nov. 23
Rusciano, Francesco UBS AG Zurich, Switzerland 2009-007-I-E Nov. 25
Sickels, Vicki W. U.S. Bank National Association Cincinnati 2009-205 Nov. 19

Regulators announced that the following civil money penalties were issued.

Civil Money Penalties
Company / Individual Location Regulator Order/Docket No. Date Amount
1st National Bank Lebanon, Ohio OCC 2009-195 Aug. 18 na
Anderson, Scott H.; Marshall Bank, National Association Hallock, Minn. OCC 2009-192 Nov. 9 na
Clifford, James F.; Marshall Bank, National Association Hallock, Minn. OCC 2009-193 Nov. 9 na
Fischer, John A.; Marshall Bank, National Association Hallock, Minn. OCC 2009-194 Nov. 9 na
Marshall Bank, National Association Hallock, Minn. OCC 2009-189 Nov. 9 na
Regions Bank Birmingham, Ala. Federal Reserve Board 09-158-CMP-SM Dec. 15 $135,000
Rusciano, Francesco; UBS AG Zurich, Switzerland Federal Reserve Board 2009-007-I-CMP Nov. 25 $75,000

The OCC said notices were filed against Eileen B. Fish of JPMorgan Chase Bank, National Association, in Columbus, Ohio, on Nov. 13 and Louis A. DeNaples of First National Community Bank in Dunmore Pa., on Nov. 24.

Central Pacific Bank agreed to a Stipulation to the Issuance of a Consent Order with the FDIC and the Hawaii Division of Financial Institutions, parent Central Pacific Financial Corp. announced on Dec. 11.


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