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FDIC Enforcement Decisions and Orders |
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{{10-31-91 p.C-1367}} Respondent prohibited from participating in the conduct of affairs of, or exercising voting rights in, any insured institution without the prior consent of the FDIC.
[.1] ProhibitionParticipation in Conduct of Affairs
In the Matter of
Larry W. Keyes ("Respondent"), having been advised of his right to a NOTICE OF INTENTION TO PROHIBIT FROM FURTHER PARTICIPATION ("NOTICE") issued by the Federal Deposit Insurance Corporation ("FDIC") detailing the unsafe or unsound banking practices, violations of law, rule, or regulation, and/or breaches of fiduciary duty alleged to have been committed by Respondent individually and as an institution-affiliated party in his capacity as director, officer, and person participating in the conduct of the affairs of Marshall County Bank, Britton, South Dakota ("Insured Institution"), which resulted in substantial financial loss or other damage to the Insured Institution, serious prejudice to the interests of the Insured Institution's depositors, and/ or financial gain to the Respondent, and which involved personal dishonesty on the part of Respondent and/or demonstrated a willful or continuing disregard for the safety or soundness of the Insured Institution; and having been further advised of his right to a hearing on the alleged charges under section 8(e) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(e), and Part 308 of the FDIC's Rules of Practice and Procedures, 12 C.F.R. Part 308, waived those rights and entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF AN ORDER OF PROHIBITION FROM FURTHER PARTICIPATION ("CONSENT AGREEMENT") with a representative of the Legal Division of the FDIC, dated April 16, 1991, whereby solely for the purpose of this proceeding and without admitting or denying any unsafe or unsound banking practices, any violations of law, rule, or regulation, or breaches of fiduciary duty, Respondent consented to the issuance of an ORDER OF PROHIBITION FROM FURTHER PARTICIPATION ("ORDER") by the FDIC.
FROM FURTHER PARTICIPATION
[.1] 1. IT IS HEREBY ORDERED that, except with prior written consent obtained in accordance with section 8(e)(7)(B) of the Act, 12 U.S.C. § 1818(e)(7)(B), Respond-
{{10-31-91 p.C-1368}}ent shall not continue or commence to hold any office in, or participate in any manner in the conduct of the affairs of, any institution or agency described in section 8(e)(7)(A) of the Act, 12 U.S.C. § 1818(e)(7)(A), including:
(b) any institution treated as an insured bank under sections 8(b)(3) or 8(b)(4) of the Act, 12 U.S.C. §§ 1818(b)(3) and (4), including, without limitation: (i) any bank holding company; (ii) any subsidiary of a bank holding company other than a bank; (iii) any foreign bank that maintains a branch or agency in a state; (iv) any foreign bank or foreign company controlling a foreign bank that controls a commercial lending company organized under state law; and (v) any company of which any foreign bank or company referred to in items (iii) and (iv) of this paragraph 1(b) is a subsidiary; (c) any institution treated as a savings association under section 8(b)(8) of the Act, 12 U.S.C. § 1818(b)(8), including, without limitation: (i) any holding company of a savings association; (ii) any subsidiary of such a holding company; (iii) any service corporation of a savings association; and (iv) any subsidiary of such service corporation, whether wholly or partly owned; (d) any insured credit union under the Federal Credit Union Act; (e) any institution chartered under the Farm Credit Act of 1971; (f) any appropriate Federal depository institution regulatory agency; (g) the Federal Housing Finance Board and any Federal home loan bank; and (h) the Resolution Trust Corporation.
(b) violate any voting agreement previously approved by the appropriate Federal banking agency; or (c) vote for a director of any institution described in section 8(e)(7)(A) of the Act, or serve or act as an institution-affiliated party. The provisions of this ORDER shall remain effective and enforceable except to the extent that, and until such time as, any provision of this ORDER shall have been modified, terminated, suspended, or set aside by the FDIC. Dated this 27th day of August, 1991. Pursuant to delegated authority. |
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Last Updated 6/6/2003 | legal@fdic.gov |
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