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[¶11,808] In the Matter of Cape Ann Savings Bank, Gloucester,
Massachusetts, Docket No. 01-043k (6-14-01)
Respondent agrees to pay civil money penalty assessed by the FDIC in
the amount of $1,300.
In the Matter of
CAPE ANN SAVINGS BANK
GLOUCESTER, MASSACHUSETTS
(Insured State Nonmember Bank)
ORDER TO PAY
FDIC-01-043k
CAPE ANN SAVINGS BANK, GLOUCESTER, MASSACHUSETTS, has been advised
of the right to receive a NOTICE OF ASSESSMENT OF CIVIL MONEY PENALTY,
FINDINGS OF FACT AND CONCLUSIONS OF LAW, and NOTICE OF HEARING
("NOTICE") issued by the Federal Deposit Insurance Corporation
("FDIC")
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detailing the violations for which a civil money penalty
may be assessed against the Bank pursuant to the Flood Disaster
Protection Act ("Flood Act"), as amended, 42 U.S.C. §4012a,
section 8(i)(2) of the Federal Deposit Insurance Act ("FDI Act")
12 U.S.C. §1818(i)(2), and Parts 308 and 339 of the FDIC Rules and
Regulations, 12 C.F.R. Parts 308 and 339, and has been further advised
of the right to a hearing on the alleged charges under the Flood Act,
42 U.S.C. §4012a(f), section 8(i) of the FDI Act, 12 U.S.C.
§1818(i), and the FDIC Rules of Practice and Procedure, 12 C.F.R.
Part 308.
Having waived those rights, the Bank entered into a STIPULATION AND
CONSENT TO THE ISSUANCE OF AN ORDER TO PAY ("CONSENT
AGREEMENT") with a representative of the Legal Division of the FDIC,
whereby solely for the purpose of this proceeding and without admitting
or denying any violations, the Bank consented and agreed to pay a civil
money penalty in the amount of $1,300 related to its failure to ensure,
on 13 out of 41 loans secured by improved real estate located in
special flood hazard areas, that the borrowers maintained adequate
flood insurance as required by the Flood Act and Part 339 of the
FDIC's Rules and Regulations.
The FDIC considered the matter and determined it had reason to believe
that the Bank has engaged or participated in violations of law or
regulations for which a civil money penalty of $1,300 is appropriate to
be assessed against the Bank, pursuant to the Flood Act, 42 U.S.C.
§4012a, section 8(i)(2) of the FDI Act, 12 U.S.C. §1818(i)(2),
and Parts 308 and 339 of the FDIC Rules and Regulations, 12 C.F.R.
Parts 308 and 339.
The FDIC therefore accepts the CONSENT AGREEMENT and issues the
following:
ORDER TO PAY
CIVIL MONEY PENALTY
IT IS HEREBY ORDERED that CAPE ANN SAVINGS BANK, GLOUCESTER,
MASSACHUSETTS, be, and hereby is, assessed a civil money penalty of
$1,300 pursuant to the Flood Act, 42 U.S.C. §4012a, section 8(i)(2)
of the FDI Act, 12 U.S.C. §1818(i)(2), and Parts 308 and 339 of the
FDIC Rules and Regulations, 12 C.F.R. Parts 308 and 339, the receipt of
which is acknowledged.
This Order to Pay shall be effective upon issuance.
Pursuant to delegated authority.
Dated at Washington, D.C., this 14th day of June, 2001.
