Several credit unions, or their former employees, were among financial institutions recently hit with regulatory orders. Formal agreements dominated the latest actions. In all, dozens of orders were issued.
The following institutions faced cease-and-desist orders from the Office of the Comptroller of the Currency or the National Credit Union Administration. Failed financial institutions often faced such orders prior to being seized by regulators.
|McElroy, Robert D. Jr.; Bank of America, National Association||Charlotte, N.C.||OCC||2010-020||Jan. 20|
|Rapid City Telco Federal Credit Unionmag||Rapid City, S.C.||NCUA||09-0059-IV||March 3|
|Wachovia Bank, National Association||Charlotte, N.C.||OCC||2010-037||March 12|
|Whitney National Bank||New Orleans||OCC||2010-014||Feb. 12|
Formal agreements were recently reached with the following institutions. Formal agreements often required the impacted institution to conserve capital, sometimes make changes to management and improve underwriting standards and procedures.
|BNC National Bank||Phoenix||OCC||2010-021||Jan. 26|
|CommerceWest Bank, National Association||Newport Beach, Calif.||OCC||2010-023||Jan. 15|
|Community National Bank||Waterloo, Iowa||OCC||2010-026||Jan. 26|
|The Farmers National Bank of Cynthiana||Cynthiana, Ky.||OCC||2010-027||Feb. 19|
|The First National Bank of Plainview||Plainview, Minn.||OCC||2010-029||Feb. 5|
|The First National Bank of Santa Fe||Santa Fe, N.M.||OCC||2010-033||Jan. 29|
|First National Bank of Scottsdale||Scottsdale, Ariz.||OCC||2010-022||Jan. 21|
|First National Bank of Southern California||Riverside, Calif.||OCC||2010-024||Jan. 23|
|Flint River National Bank||Camilla, Ga.||OCC||2010-025||Jan. 14|
|Florida First City Banks||Fort Walton Beach, Fla.||Federal Reserve Bank of Atlanta||10-008-WA/RB-HCC||Feb. 26|
|Heritage Oaks Bancorp||Paso Robles, Calif.||Federal Reserve Bank of San Francisco||10-036–WA/RB-HC||March 4|
|Idaho Bancorp, Idaho Banking Co.||Boise, Idaho||Federal Reserve Bank of San Francisco, State of Idaho Department of Finance||10-028-WA/RB-HC, 10-028-WA/RB-SM||Feb. 24|
|Los Alamos National Bank||Los Alamos, N.M.||OCC||2010-032||Jan. 26|
|Northwest Community Bancorp Inc.||Shoreline, Wash.||Federal Reserve Bank of San Francisco||10-033-WA/RB-HC||Feb. 18|
|Northwestern Bank, National Association||Dilworth, Minn.||OCC||2010-028||Jan. 27|
|NW Services Corp.||Ringgold, Ga.||Federal Reserve Bank of Atlanta, Banking Commissioner of the State of Georgia||10-013–WA/RB-HC||Feb. 26|
|Olmsted National Bank||Rochester, Minn.||OCC||2010-030||Feb. 8|
|Olmsted Holding Corp.||Rochester, Minn.||Federal Reserve Bank of Minneapolis||10-024-WA/RB-HC||March 3|
|Ravalli County Bankshares Inc., Ravalli County Bank||Hamilton, Mont.||Federal Reserve Bank of Minneapolis, and the Montana Division of Banking and Financial Institutions||09-176-WA/RB-HC, 09-176-WA/RB-SM||March 4|
|Stillwater National Bank and Trust Co.||Stillwater, Okla.||OCC||2010-034||Jan. 27|
|Winona National Bank||Winona, Minn.||OCC||2010-031||Feb. 11|
A formal agreement with Community National Bank in Waterloo, Iowa, was recently terminated by the OCC.
Institutions in the following table faced final orders – civil money penalties.
First National Bank of The Rockies
|Danner, Ron||First National Bank of The Rockies||Grand Junction, Colo.||OCC||2010-016||na||Feb. 9|
|Gentry, Carol||First National Bank of The Rockies||Grand Junction, Colo.||OCC||2010-016||na||Feb. 9|
|Gentry, J. Cleveland||First National Bank of The Rockies||Grand Junction, Colo.||OCC||2010-017||na||Feb. 9|
|Holeyfield, Joe||First National Bank of The Rockies||Grand Junction, Colo.||OCC||2010-018||na||Feb. 9|
|McElroy, Robert D. Jr.||Bank of America, National Association||Charlotte, N.C.||OCC||2010-020||na||Jan. 20|
|Reece, Robert||First National Bank of The Rockies||Grand Junction, Colo.||OCC||2010-019||na||Feb. 9|
|na||Wachovia Bank, National Association||Charlotte, N.C.||OCC||2010-036, AA-EC-10-16||$50,000,000||March 10|
|na||Whitney National Bank||New Orleans||OCC||2010-013||na||Feb. 12|
Removal-and-prohibition orders were issued against the following individuals.
|Aldridge, Margaret S.||Coastal Waters Federal Credit Union||Mobile, Ala.||NCUA||09-0056-R3||Dec. 29, 2009|
|Benarroch, Adam L.||Midwest Bank and Trust||Elmwood Park, Ill.||Federal Reserve Board||09-052-I-Eroch, OCC||March 12|
|Gleason, David||Mid-Tex Federal Credit Union||Brownwood, Texas||NCUA||10-0003-R4||Jan. 4|
|Shook, Mandi Nicole||TEXDOT-WF Credit Union||Wichita Falls, Texas||NCUA||09-0057-R4||Oct. 9, 2009|
A prompt corrective action directive was issued against the following individual.
|Horizon Bank||Bradenton, Fl.||Federal Reserve Board||10-031-PCA-SM||March 4|