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Financial Regulation News | Mortgage Regulations
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Institutions Endure Regulatory Actions

Recent regulatory actions against financial institutions

June 9, 2010

By MortgageDaily.com staff


Monthly regulatory activity eased at the Federal Deposit Insurance Corporation. Including matters at other federal banking regulators, however, more than a hundred actions have been announced during the past month against financial institutions.

After jumping to 104 during March, the number of matters processed by the FDIC fell to 76 in April. But activity was lower a year ago at 57 actions.

All the activity helps identify troubled institutions, including some that will fail.

C
ease-and-desist orders -- which often preceed bank failures -- accounted for 43 of the FDIC's matters in April. The companies listed below were recently hit with FDIC cease-and-desist orders.

Cease-and-Desist Orders
Company Location Regulator Order/Docket No. Date
Arcola Homestead Savings Bank Arcola, Ill. FDIC FDIC-10-167b April 22
Bank of Alpena Alpena, Mich. FDIC FDIC-10-014b April 19
The Bank of Elk River Elk River, Minn. FDIC FDIC-10-028b April 5
Bank of the Northwest Bellevue, Wash. FDIC FDIC-09-712b April 2
Bartow County Bank Cartersville, Ga. FDIC FDIC-09-707b April 14
Cambridge State Bank Cambridge, Minn. FDIC FDIC-10-132b April 29
Carolina First Bank Greenville, S.C. FDIC FDIC-10-121b April 30
CIBM Bank Champaign, Ill. FDIC FDIC-10-062b April 29
Citizens Bank & Trust Co. Chillicothe, Mo. FDIC FDIC-10-080b April 14
Citizens State Bank Kingsland, Ga. FDIC FDIC-10-007b April 14
Community Commerce Bank Claremont, Calif. FDIC FDIC-10-093b April 21
Cornerstone Community Bank Chattanooga, Tenn. FDIC FDIC-10-037b April 2
Cortez Community Bank Brooksville, Fla. FDIC FDIC-09-646b April 6
Covenant Bank & Trust Rock Spring, Ga. FDIC FDIC-10-024b April 28
Earthstar Bank Southhampton, Pa. FDIC FDIC-08-080b April 29
First Asian Bank Las Vegas FDIC FDIC-10-220b April 12
First Community Bank Hammond, La. FDIC FDIC-10-119b April 15
First Heritage Ban Snohomish, Wash. FDIC FDIC-10-252b April 26
First Southwest Bank Alamosa, Colo. FDIC FDIC-10-179b April 6
First State Bank Wrens, Ga. FDIC FDIC-10-122b April 28
Great Florida Bank Coral Gables, Fla. FDIC FDIC-10-095b April 13
The Harbor Bank of Maryland Baltimore FDIC FDIC-10-051b April 5
Heritage Community Bank Greeneville, Tenn. FDIC FDIC-10-145b April 21
Highland Bank Saint Michael, Minn. FDIC FDIC-10-029b April 14
Holladay Bank & Trust Salt Lake City FDIC FDIC-10-070b April 8
Magyar Bank New Brunswick, N.J. FDIC FDIC-10-067b April 22
Metro Bank Lemoyne, Pa. FDIC FDIC-10-137b April 29
Michigan Commerce Bank Ann Arbor, Mich. FDIC FDIC-09-713b April 5
Norstates Bank Waukegan, Ill. FDIC FDIC-10-116b April 16
North Alabama Bank Hazel Green, Ala. FDIC FDIC-09-731b April 26
OptimumBank Plantation, Fla. FDIC FDIC-09-721b April 16
Pan Pacific Bank Fremont, Calif. FDIC FDIC-10-098b April 22
Park Cities Bank Dallas FDIC FDIC-10-081b April 15
PBK Bank Inc. Stanford, Ky. FDIC FDIC-10-147b April 19
Pinnacle Bank Rogers, Ark. FDIC FDIC-10-169b April 9
PremierWest Bank Medford, Ore. FDIC FDIC-10-105b April 6
Roxbury Bank Roxbury, Kan. FDIC FDIC-09-207b April 29
South Carolina Community Bank Columbia, S.C. FDIC FDIC-10-108b April 28
Sunrise Bank San Diego FDIC FDIC-09-732b April 20
TNBank Oak Ridge, Tenn. FDIC FDIC-09-596b April 21
Valley Community Bank St. Charles, Ill. FDIC FDIC-09-214b April 29
Washita State Bank Burns Flat, Okla. FDIC FDIC-09-070b April 5
Waukegan Savings Bank Waukegan, Ill. FDIC FDIC-10-144b April 19


The Federal Reserve Board reported that formal agreements were recently reached with the following institutions. Formal agreements often require the impacted institutions to conserve capital and sometimes require management changes as well as improvements underwriting standards and procedures.

Formal Agreements
Company Location Regulator Order/Docket No. Date
Albina Community Bancorp Portland, Ore. Federal Reserve Bank of San Francisco; Oregon Department of Consumer and Business Services, Division of Finance and Corporate Securities 10-080-WA/RB-HC May 17
AliKat Investments Inc., Northside Community Bank Gurnee, Ill. Federal Reserve Bank of Chicago, Illinois Department of Financial and Professional Regulation, Division of Banking 10-011-WA/RB-HC, 10-011-WA/RB-SM April 26
Advantage Bancorp Inc. Loveland, Colo. Federal Reserve Bank of Kansas City 10-062-WA/RB-HC April 29
Bank of Commerce Holdings Inc. Sarasota, Fla. Federal Reserve Bank of Atlanta 10- 063-WA/RB-HC April 23
Bank of Little Rock Little Rock, Ark. Federal Reserve Bank of Saint Louis 10-093-WA/RB-SM May 18
Bartow Bancshares Inc Cartersville, Ga. Federal Reserve Bank of Atlanta, Banking Commissioner of the State of Georgia 10-092-WA/RB-HC May 21
Big Sandy Holding Co. Limon, Colo. Federal Reserve Bank of Kansas City 10-056--WA/RB-HC May 20
Border Bancshares Inc. Greenbush, Minn. Federal Reserve Bank of Minneapolis 10-087-WA/RB-HC May 27
CB Financial Corp. Wilson, N.C. Federal Reserve Bank of Richmond 10-091-WA/RB-HC May 25
Cherokee Banking Co. Canton, Ga. Federal Reserve Bank of Atlanta 10-082-WA/RB-HC May 6
Citizens Commerce Bancshares Inc. Versailles, Ky. Federal Reserve Bank of Cleveland 10-107-WA/RB-HC May 28
Cowboy State Bank Ranchester, Wyo. Federal Reserve Bank of Kansas City, Wyoming Department of Audit, Division of Banking 10-043-WA/RB-SM May 6
Cowlitz Bancorporation Longview, Wash. Federal Reserve Bank of San Francisco 10- 099-WA/RB-HC June 2
DBT Holding Co. Vidalia, Ga. Federal Reserve Bank of Atlanta, Banking Commissioner of the State of Georgia 10-071-WA/RB-HC May 6
Farmers Bancorporation Inc. Buhl, Idaho Federal Reserve Bank of San Francisco 10-065-WA/RB-HC April 28
First Baldwin Bancshares Inc. Foley, Ala. Federal Reserve Bank of Atlanta 10-048-WA/RB-HC May 24
First Bancorp San Juan, Puerto Rico Federal Reserve Bank of New York 121-WA/RB-HC June 3
First Bankshares Inc. Winter Park, Fla. Federal Reserve Bank of Atlanta 10-081-WA/RB-HC May 21
FirstBank Puerto Rico San Juan, P.R. FDIC na announced June 4
FirsTier II Bancorp Cheyenne, Wyo. Federal Reserve Bank of Kansas City 10-067-WA/RB-HC May 12
Gulf State Bancorp Carrabelle, Fla. Federal Reserve Bank of Atlanta 10-086- -WA/RB-HC May 6
HNB Corp. Arkansas City, Kan. Federal Reserve Bank of Kansas City 10-052--WA/RB-HC May 2
Integra Bank Corp. Evansville, Ind. Federal Reserve Bank of St. Louis 10-083-WA/RB-HC May 6
NCB Financial Las Vegas Federal Reserve Bank of San Francisco 10-049-WA/RB-HC May 3
Northeast Securities Corp. Minneapolis Federal Reserve Bank of Minneapolis 10-077-WA/RB-HC May 24
North Valley Bank Zanesville, Ohio Federal Reserve Bank of Cleveland, Ohio Division of Financial Institutions 10-032-WA/RB-SMB May 4
Pacific Capital Bancorp Santa Barbara, Calif. Federal Reserve Bank of San Francisco 10-094-WA/RB-HC May 11
The South Financial Group Greenville, S.C. Federal Reserve Bank of Richmond 10-058-WA/RB-HC May 4
Trivoli Bancorp Inc. Trivoli, Ill. Federal Reserve Bank of Chicago 10-019 -WA/RB-HC April 30
Volunteer Bancorp Inc. Rogersville, Tenn. Federal Reserve Bank of Atlanta 10-098-WA/RB-HC May 25


Removal-and-prohibition orders were issued by the FDIC, Federal Reserve Board and National Credit Union Administration against the following individuals.

Removal / Prohibition Orders
Employer Individual Location Regulator Order # Date
BankPlus Jennifer Wigley Belzoni, Miss. FDIC FDIC-09-575e April 27
BankPlus Jenny Marie Smith Belzoni, Miss. FDIC FDIC-09-151e April 13
Firstbank - West Michigan Shane Husted Ionia, Mich. FDIC FDIC-09-416e April 27
Health Facilities Federal Credit Union McLamb, Christine Florence, S.C. NCUA 10-0006-R3 March
Heritage Bank Gregory L. Fankhauser Topeka, Kan. Fed 10-110-E-1 June 3
Magnolia Federal Credit Union Mia Frances Chaney Jackson, Miss. NCUA 10-0005-R3 Feb. 19
Meriden Franco-American Federal Credit Union Laliberte, Melissa

Meriden, Conn. NCUA 10-0004-R1 April 2
Nova Bank Craig J. Scher Berwyn, Pa. FDIC FDIC-07-224e April 22
Optumhealth Bank Inc. Andrew E Hayford Salt Lake City FDIC FDIC-10-162e April 22
Pen Air Federal Credit Union Jason Rene Kisor Pensacola, Fla. NCUA 10-0007-R3 March 11
Peoples 1st Choice Federal Credit Union Jolene Constantine Glen Rock, N.J. NCUA 10-0013-R2 March 11
Pioneer Credit Union Law, Tammy

Mountain Home, Idaho NCUA 10-0008-R5 March 11
Rockland Employees Federal Credit Union Cynthia Vaughan Spring Valley, N.Y. NCUA 10-0011 R1 April 21
Skandinaviska Enskilda Banken Walter Simon New York Fed 10-108-E-1 May 20


The FDIC reported that the following institutions faced final orders.

Final Orders - Cross Guarantee Liability
Company Location Regulator Order/Docket No. Date
Adams Dairy Bank Blue Springs, Mo. FDIC FDIC-10-201kk April 22
Bank of Belleville Belleville, Ill. FDIC FDIC-10-205kk April 22
Community Bank of Rowan Salisbury, N.C. FDIC FDIC-10-069kk April 12
Napa Community Bank Napa, Calif. FDIC FDIC-10-204kk April 22

Final Orders - Civil Money Penalties
Company Location Regulator Order/Docket No. Amount Date
Bank of Kampsville Kampsville, Ill. FDIC FDIC-10-187k $5,500 April 13
Bonanza Valley State Bank Brooten, Minn. FDIC FDIC-10-112k $2,500 April 16
Kingsley State Bank Kingsley, Iowa FDIC FDIC-10-127k $4,000 April 13
State Bank of Speer Speer, Ill. FDIC FDIC-09-583k $5,005 April 30
Summit Bank Burlington, Wa. FDIC FDIC-10-244k $11,280 April 14

Final Orders - Prompt Corrective Actions
Company Location Regulator Order/Docket No. Date
Broadway Bank Chicago FDIC FDIC-10-266PCAS April 19
Citizens Bank & Trust Co. Chicago FDIC FDIC-10-302PCAS April 20
Coastal Community Bank Panama City Beach, Fla. FDIC FDIC-10-247PCAS April 5
First Sound Bank Seattle FDIC FDIC-10-306PCAS April 28
Innovative Bank Oakland, Calif. FDIC FDIC-10-271PCAS April 9
Lincoln Park Savings Bank Chicago FDIC FDIC-10-303PCAS April 22
Sonoma Valley Bank Sonoma, Calif. FDIC FDIC-10-275PCAS April 13
Towne Bank of Arizona Mesa, Ariz. FDIC FDIC-10-263PCAS April 8
Washington First International Bank Seattle FDIC FDIC-10-245PCAS April 1

A formal agreement with the FDIC was terminated with Michigan Commerce Bank, while orders terminating cease-and-desist orders were issued against American Express Centurion Bank, Bank of Tacoma, Elkhart Community Bank, Farmers Deposit Bank of Middleburg Inc., Madisonville State Bank, Marine Bank and North Houston Bank.

The FDIC issued a Notice of Intention to Prohibit From Further Participation, Findings of Fact, Conclusions of Law, and Notice of Hearing to New Jersey's Hudson United Bank.

Notice of Charges and of Hearing were published by the FDIC for USA Bank in Port Chester, N.Y.


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