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[¶10,460B] In the Matter of Michael J. O'Connell, Amoskeag Bank, Manchester,
New Hampshire, Docket No. 92-5e (2-12-92)
Respondent prohibited from participating in the conduct of affairs of, or
exercising voting rights in, any insured institution without the prior written
approval of the FDIC.
[.1] Prohibition, Removal or Suspension-Prohibition From-Participation
in Conduct of Affairs
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[.2] Prohibition, Removal or Suspension-Prohibition From-Voting Rights,
Exercise of
In the Matter of
MICHAEL J. O'CONNELL,
individually, and as an officer, a person participating in the conduct of the affairs of, and an institution-affiliated party of
AMOSKEAG BANK
MANCHESTER, NEW HAMPSHIRE
(Insured State Nonmember Bank)
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
FDIC-92-5e
Michael J. O'Connell ("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
violations of law, rule, or regulation, unsafe or unsound banking practices,
and/or breaches of fiduciary duty alleged to have been engaged in by the
Respondent, individually, and in his capacity as an officer of, Person
participating in the conduct of the affairs of, and institution-affiliated
party of, Amoskeag Bank, Manchester. New Hampshire ("Bank"), which have
resulted, or will probably result, in substantial financial loss or other
damage to the Bank and/or prejudice to the interests of the Bank's depositors
and/or Respondent's financial gain or other benefit; and which demonstrate
Respondent's willful or continuing disregard for the safety or soundness of the
Bank; 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 Procedure,
56 Fed. Reg. 37,968 (1991) (to be codified at 12 C.F.R. Part 308) and having
waived those rights, Respondent 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
January 13, 1992, whereby, solely for the purpose of this proceeding and
without admitting or denying violations of law, rule, or regulation, breaches
of fiduciary duty, and/or unsafe or unsound banking practices, Respondent
consented to the issuance of an ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
("ORDER") by the FDIC.
The FDIC considered the matter and determined that it has reason to
believe that Respondent had engaged or participated in violations of law, rule,
or regulation, breaches of fiduciary duty, and/or unsafe or unsound banking
practices which seriously prejudiced the interests of the Bank's depositors,
and resulted in substantial financial loss to the Bank, said violations,
breaches and/or practices evidencing Respondent's willful or continuing
disregard for the safety or soundness of the Bank, and that the violations,
breaches, and/or practices evidence Respondent's unfitness to serve as an
officer, director, participant in the conduct of the affairs of and/or
institution-affiliated party of the Bank or any other depository institution or
agency or organization enumerated in section 8(e)(7)(A) of the Act, 12 U.S.C.
§ 1818(e)(7)(A) (1989). The FDIC, therefore, accepts the CONSENT AGREEMENT
and issues the following:
ORDER
[.1] 1. IT IS HEREBY ORDERED, that the Respondent shall not participate in any
manner in the conduct of the affairs of the Bank or any insured depository
institution, agency, or organization enumerated in section 8(e)(7)(A) of the
Act, 12 U.S.C. § 1818(e)(7)(A) (1989), without prior written consent of the
FDIC and the appropriate Federal financial institutions regulatory agency, as
that term is defined in section 8(e)(7)(D) of the Act, 12 U.S.C. §
1818(e)(7)(D).
[.2] 2. IT IS FURTHER ORDERED, that the
Respondent shall not solicit, procure, transfer, attempt to transfer, vote, or
attempt to vote any proxy, consent, or authorization with respect to any voting
rights in the Bank or any insured depository institution, agency, or
organization enumerated in section 8(e)(7)(A) of the Act, 12 U.S.C. §
1818(e)(7)(A), without the prior written consent of the FDIC and the
appropriate Federal financial institutions regulatory agency, as that term is
defined in section 8(e)(7)(D) of the Act, 12 U.S.C. § 1818(e)(7)(D).
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3. IT IS FURTHER ORDERED, that the Respondent shall not violate any
voting agreement with respect to any insured depository institution, agency, or
organization enumerated in section 8(e)(7)(A) of the Act, 12 U.S.C. §
1818(e)(7)(A), previously approved by the appropriate Federal financial
institutions regulatory agency, without the prior written consent of the FDIC
and the appropriate Federal financial institutions regulatory agency, as that
term is defined in section 8(e)(7)(D) of the Act, 12 U.S.C. §
1818(e)(7)(D).
4. IT IS FURTHER ORDERED, that the Respondent shall not vote for a
director, or serve or act as an institution-affiliated party, as that term is
defined in section 3(u) of the Act, 12 U.S.C. § 1813(u), of the Bank or
any insured depository institution, agency, or organization enumerated in
section 8(e)(7)(A) of the Act, 12 U.S.C. § 1818(e)(7)(a), without the
prior written consent of the FDIC and the appropriate Federal financial
institutions regulatory agency, as that term is defined in section 8(e)(7)(D)
of the Act, 12 U.S.C. § 1818(e)(7)(D).
This ORDER shall become effective ten days after issuance by the FDIC.
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.
Pursuant to delegation of authority.
Dated at Washington, D.C., this 12th day of February, 1992.