Home > Regulation & Examinations > Bank Examinations > FDIC Enforcement Decisions and Orders |
|||
FDIC Enforcement Decisions and Orders |
|
The FDIC denied a bank's motion for a stay of a cease and desist order since the bank did not satisfactorily respond to the FDIC's request for information or adequately remedy its practices. The FDIC did grant a temporary stay to those provisions of the cease and desist order that concern the bank's inadequate level of equity capital since the information submitted by the bank adequately addressed that issue. (For related proceedings in this case, see [¶
[.1] Cease and Desist OrderStay Denied
In the Matter of * * * BANK (Insured
This matter comes before the Board of Directors ("Board") of the Federal Deposit Insurance Corporation ("FDIC") upon a request by * * * Bank & Trust Company, * * * ("Bank"), for a Stay of the Board's August 4, 1987 Order to Cease and Desist ("Order") until March of 1988. On November 3, 1987, the Board issued an Order staying the effectiveness of the Cease and Desist Order for thirty (30) days pending receipt of supplemental information demonstrating how a proposed merger would resolve each problem addressed in the Cease and Desist Order. On November 23, 1987, the Bank submitted supplemental information which adequately addressed the issue of the Bank's inadequate level of equity capital. However, the Bank did not specifically address in a satisfactory manner the other requirements of the Cease and Desist Order, but instead asserted only that an unexecuted proposed agreement between the merged bank's parent holding company and the Federal Reserve Bank of * * * would take effect at the time of consummation of the merger, and that such agreement is "almost identical in content" to the Cease and Desist Order.
[.1] We have reviewed the record in this matter and compared the proposed agreement with the * * * to the Cease and Desist Order. We find the agreements are quite different and that reference to the proposed agreement with the * * * does not satisfactorily respond to our request for information or adequately remedy the Bank's practices not related to capital adequacy that were addressed by the Cease and Desist Order.
/s/ Hoyle L. Robinson
ORDER
FDIC-86-41b
* * * Bank and Trust Company, * * *, has requested by motion filed with the Board of Directors ("Board") of the Federal Deposit Insurance Corporation ("FDIC"), that the Board's Cease and Desist Order of August 4, 1987 ("Order"), be stayed pending the outcome of * * *'s appeal to the United States Court of Appeals for the Fifth Circuit. The basis for * * *'s request is that it has an application for merger pending with the FDIC that will, if approved, eliminate the need for the Order. The Board having considered * * *'s request and the
{{4-1-90 p.A-1165}}opposition filed by FDIC enforcement counsel,
/s/ Margaret M. Olsen |
|
Last Updated 6/6/2003 | legal@fdic.gov |
Home Contact Us Search Help SiteMap Forms Freedom of Information Act (FOIA) Service Center Website Policies USA.gov |
FDIC Office of Inspector General |