OCC Actions Dive

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MORTGAGE EXPERT
7 · 20 · 10

Regulatory actions reported by the Office of the Comptroller of the Currency this month fell by more than half from last month. Regulatory activity by other financial institution regulators was also soft.

The OCC last week reported that it recently issued or terminated 21 regulatory actions — a far cry from the 46 actions reported last month. The OCC charters, regulates and supervises all national banks.

Among the latest actions were the following four cease-and-desist orders. Bank failures are often preceded by cease-and-desist orders.

Cease-and-Desist Orders

Company Location Regulator Order/Docket No. Date
Community National Bank at Bartow Bartow, Calif. OCC 2010-134 May 26
Merchants Bank of California, National Association Carson, Calif. OCC 2010-132 June 23
Trans Pacific National Bank San Francisco OCC 2010-133 June 16
Wachovia Bank, National Association (personal C&D against Linda Pera) Charlotte, N.C. OCC 2010-141 May 10

A cease-and-desist order against The First National Bank of Logan in Logan, Iowa, was terminated (No. 2010-149) by the OCC on May 21.

Formal agreements frequently require financial institutions to boost or conserve capital, improve operations and sometimes replace management. Such agreements were recently reached with the following banks.

Formal Agreements

Company Location Regulator Order/Docket No. Date
A. E. Bancorp Inc. Buffalo Grove, Ill. Federal Reserve Bank of Chicago Docket No.10–126-WA/RB-HC July 1
American Bank of Texas, National Association Marble Falls, Texas OCC 2010-146 June 2
BANK VI Salina, Kan. Federal Reserve Bank of Kansas City, Kansas Office of the State Bank Commissioner Docket No. 10-132 -WA/RB-SMRB-SM July 14
Bank of Whitman Employee Stock Ownership Plan, Whitman Bancorporation Inc., Bank of Whitman Colfax, Wash. Federal Reserve Bank of San Francisco 10-112-WA/RB-HC, 10-112-WA/RB-SM July 8
Bannister Bancshares Inc. Kansas City, Mo. Federal Reserve Bank of Kansas City Docket No. 10-125-WA/RB-HC July 7
BCB Holding Company Inc. Mobile, Ala. Federal Reserve Bank of Atlanta Docket No. 10-116-WA/RB-HC June 28
The Central National Bank of Alva Alva, Okla. OCC 2010-145 June 9
Central Pacific Financial Corp. Honolulu Federal Reserve Bank of San Francisco, Hawaii Division of Financial Institutions Docket No. 10-136-WA/RB-HC July 2
Dickinson Financial Corporation II, Dickinson Financial Corp. Kansas City, Mo. Federal Reserve Bank of Kansas City Docket No. 10-134-WA/RB-HC June 29
The First National Bank of Grant Park Grant Park, Ill. OCC 2010-144 June 22
First Olathe Bancshares Inc. Overland Park, Kan. Federal Reserve Bank of Kansas City Docket No. 10-119-WA/RB-HCon July 7
Landmark Bank, National Association Fort Lauderdale, Fla. OCC 2010-143 June 17
Pilot Bancshares Inc., Pilot Bank Tampa, Fla. Federal Reserve Bank of Atlanta, State of Florida Office of Financial Regulation Docket No. 10-010-WA/RB-SM, OFR Administrative File No. 724-Fl-02/10 July 7
Premier Bank Holding Co. Tallahassee, Fla. Federal Reserve Bank of Atlanta Docket No.10–122-WA/RB-HC July 7

The OCC terminated (No. 2010-150) a formal agreement with First National Community Bank in New Richmond, Wis., on May 13.

Civil money penalties were recently issued against the following individuals or institutions by the OCC.

Civil Money Penalties

Company Individual Location Regulator Order/Docket No. Amount Date
American National Bank na Omaha, Neb. OCC 2010-135 na June 22
Conway Bank, National Association Jerod Heiman Conway Springs, Kan. OCC 2010-137 na June 15
Conway Bank, National Association John McKay Conway Springs, Kan. OCC 2010-139 na June 15
Conway Bank, National Association Joseph Rottinghaus Conway Springs, Kan. OCC 2010-140 na June 15
Conway Bank, National Association Michael Lies Conway Springs, Kan. OCC 2010-138 na June 15
Conway Bank, National Association Norbert Gerstenkorn Conway Springs, Kan. OCC 2010-136 na June 15
The National Bank of Malvern Lydia H. Willits Malvern, Pa. OCC 2010-142 na May 28
Wachovia Bank, National Association Linda Pera Charlotte, N.C. OCC 2010-141 na May 10

The OCC and the Fed reported these two prompt correction actions.

Prompt Corrective Action Directives

Employer Location Regulator Order/Docket # Date
Home National Bank Blackwell, Okla. OCC 2010-147 May 11
Home Valley Bank Grants Pass, Ore. Federal Reserve Board Docket No. 10-144-PCA-SM July 6

The following individuals have either been banned from being associated with banks or credit unions.

Removal / Prohibition Orders

Company Individual Location Regulator Order/Docket # Date
Cooperative Teachers Credit Union Lisa Zimmerman Dodson Tyler, Texas NCUA na July 19
Deseret First Federal Credit Union Nathan Douglas Cranney Salt Lake City NCUA na July 19
First Integrity Bank, National Association Allen R. Ellis Staples, Minn. OCC 2010-148 June 1
Maine Family Federal Credit Union Tiffany D. Churchill Lewiston, Maine NCUA na July 19
Prime Financial Credit Union Richard Koenig Cudahy, Wis. NCUA na July 19

A notice (No. N10-002) was filed by the OCC on June 14 against James Klein of First National Bank of Platteville in Platteville, Wis.

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