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[¶11,872] In the Matter of Wendlyn McNew, First American Bank SSB, Bryan, Texas,
Docket No. 00-129e (12-10-01)
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 SuspensionProhibition FromParticipation in
Conduct of Affairs
[.2] Prohibition, Removal or SuspensionProhibition FromVoting Rights,
Exercise of
In the Matter of
WENDLYN McNEW
individually, and as an institution-affiliated party of
FIRST AMERICAN BANK, SSB
BRYAN, TEXAS
(Insured State Nonmember Bank)
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
FDIC-00-129e
Wendlyn McNew ("Respondent") has been advised of the right
to receive 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 and/or
breaches of fiduciary duty for which an ORDER OF PROHIBITION FROM
FURTHER PARTICIPATION ("ORDER") may issue, and has been further
advised of the 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 the FDIC's Rules of Practice and Procedure, 12 C.F.R.
Part 308. Having waived those rights, the 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, whereby solely for the purpose of
this proceeding and without admitting or denying any unsafe or unsound
banking practices and/or any breaches of fiduciary duty, Respondent
consented to the issuance of an ORDER by the FDIC.
The FDIC considered the matter and determined it had reason to believe
that:
(a) The Respondent has engaged or participated in unsafe or
unsound banking practices and/or breaches of fiduciary duty as an
institution-affiliated party of the First American Bank, SSB, Bryan,
Texas, formerly known as Burkburnett Bank, ("Bank");
(b) By reason of such practices and/or breaches of fiduciary duty, the
interests of the Bank's depositors have been or could be prejudiced;
and
(c) Such practices and/or breaches of fiduciary duty involve personal
dishonesty on the part of the Respondent or demonstrate the
Respondent's willful and/or continuing disregard for the safety or
soundness of the Bank.
The FDIC further determined that such practices and/or
breaches of fiduciary duty demonstrate the Respondent's unfitness to
serve as a director, officer, person participating in the conduct of
the affairs or as an institution-affiliated party of the Bank, any
other insured depository institution, or any other agency or
organization enumerated in section 8(e)(7)(A) of the Act, 12 U.S.C.
§1818(e)(7)(A).
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The FDIC, therefore, accepted the CONSENT AGREEMENT and issued the
following:
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
1. Wendlyn McNew is hereby, without the prior written approval 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) prohibited from:
[.1] (a) participating in any manner in the conduct of the affairs of any
financial institution or organization enumerated in section 8(e)(7)(A)
of the Act, 12 U.S.C. §1818(e)(7)(A);
[.2] (b) soliciting, procuring, transferring, attempting to transfer,
voting, or attempting to vote any proxy, consent or authorization with
respect to any voting rights in any financial institution enumerated in
section 8(e)(7)(A) of the Act, 12 U.S.C. §1818(e)(7)(A);
(c) violating any voting agreement previously approved by the
appropriate Federal banking agency; or
(d) voting for a director, or serving or acting as an
institution-affiliated party.
2. This ORDER will become effective ten (10) days after its
issuance. The provisions of this ORDER will 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 delegated authority.
Dated this 10th day of December, 2001.