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[¶12,157] In the Matter of Bryan M. Plack, Security Bank, Madison, South Dakota,
Docket No. 03-177e (2-27-04).
Respondent is 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
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In the Matter of
BRYAN M. PLACK,
individually and as an institution-affiliated party of
SECURITY BANK
MADISON, SOUTH DAKOTA
(Insured State Nonmember Bank)
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
FDIC-03-177e
Bryan M. Plack ("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 violations of law and regulations, and/or
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, 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 violations of law and regulations,
and/or unsafe or unsound banking practices, and/or breaches of
fiduciary duty, Respondent consented to the issuance of an ORDER by the
FDIC.
Upon due consideration, the FDIC determined it had reason to believe
that:
1. Respondent has engaged or participated in violations of law and
regulations, and/or unsafe or unsound banking practices, and/or
breaches of fiduciary duty, as an institution-affiliated party of
Security Bank, Madison, South Dakota ("Bank").
2. By reason of such violations, and/or practices, and/or breaches of
fiduciary duty, the bank has suffered or will probably suffer financial
loss or other damage.
3. By reason of such violations, and/or practices, and/or breaches of
fiduciary duty, the interests of the Bank's depositors have been or
could be prejudiced.
4. By reason of such violations, and/or practices, and/or breaches of
fiduciary duty, Respondent has received financial gain or other
benefit.
5. Such violations, and/or practices, and/or breaches of fiduciary duty
involve personal dishonesty on the part of the Respondent.
6. Such violations, and/or practices, and/or breaches of fiduciary
duty, demonstrate the Respondent's willful and/or continuing disregard
for the safety or soundness of the Bank.
The FDIC further determined that such violations, and/or 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, of any other insured depository institution, or of any other
agency or organization enumerated in section 8(e)(7)(A) of the Act, 12
U.S.C. §1818(e)(7)(A).
The FDIC, therefore, accepted the CONSENT AGREEMENT and issued the
following:
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
1. Unless Respondent receives 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). Respondent is 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.
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2. This ORDER will become effective upon 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 27th day of February, 2004.