)
IN THE MATTER OF                       )
                                       )
ELLIS ELMORE                           )            
                                       )    No.   95-0201 III
An Institution Affiliated Party and    ) 
Person Participating in the Affairs    )
of the INDEPENDENT CREDIT              )   
ASSOCIATION CREDIT UNION               ) 
                                       )

WHEREAS, Ellis Elmore has executed a Stipulation and Consent to Issuance of Order of Prohibition, which is accepted and approved by the National Credit Union Administration acting through its counsel; and

WHEREAS, Ellis Elmore, in the Stipulation has consented and agreed to the issuance of this Order of Prohibition pursuant to Section 206(g) of the Federal Credit Union Act, 12 U.S.C. §1786(g), and Part 747 of the National Credit Union Administration Rules and Regulations;

NOW THEREFORE, IT IS ORDERED THAT:

1. Ellis Elmore is an institution-affiliated party in that he was a loan officer of the Independent Credit Association Credit Union, located in Greenville, South Carolina.

2. The Stipulation and Consent to the Issuance of this Order of Prohibition is made a part hereof and is incorporated herein by reference.

3. Ellis Elmore is prohibited from participating in any manner in the conduct of the affairs of any federally insured credit union and any other institution as defined in 12 U.S.C. §1786(g)(7).

4. This Order of Prohibition shall be effective on the date it is issued.

                                       )
IN THE MATTER OF                       )
                                       )
ELLIS ELMORE                           )            
                                       )    No.   ____________
An Institution Affiliated Party and    ) 
Person Participating in the Affairs    )
of the INDEPENDENT CREDIT              )   
ASSOCIATION CREDIT UNION               ) 
                                       )

The National Credit Union Administration Board, by and through its undersigned counsel, and Ellis Elmore, a former loan officer of the Independent Credit Association Credit Union, Greenville, South Carolina, hereby stipulate and agree as follows:

1. Consideration. The National Credit Union Administration is of the opinion that grounds exist to initiate an administrative prohibition against Ellis Elmore pursuant to Section 206 of the Federal Credit Union Act, 12 U.S.C. §1786. Ellis Elmore desires to avoid the time, cost and expense of administrative litigation and hereby stipulates and agrees to the following terms in consideration of the forbearance of the National Credit Union Administration Board from conducting an administrative hearing and imposing other remedial sanctions against him.

2. Jurisdiction.

(a) Ellis Elmore is an "institution-affiliated party" within the meaning of Section 206(r) of the Federal Credit Union Act, 12 U.S.C. §1786(r).

(b) Pursuant to the authority vested in the Board of the National Credit Union Administration under Section 206(g) of the Federal Credit Union Act, 12 U.S.C. §1786(g), and Part 747 of the National Credit Union Administration Rules and Regulations, it is an appropriate Federal agency to maintain enforcement proceedings against such institution-affiliated party. Therefore, Ellis Elmore is subject to the authority of the National Credit Union Administration to initiate and maintain prohibition proceedings against him.

3. Consent. Ellis Elmore consents to the issuance by the National Credit Union Administration Board of the accompanying Order of Prohibition. He further agrees to comply with its terms upon issuance and stipulates that the Order complies with all requirements of the law.

4. Waivers. Ellis Elmore waives his right to the administrative hearing provided for in Section 206(g)(4) of the Federal Credit Union Act, 12 U.S.C. §1786(g)(4). He further waives his right to seek judicial review of the Order of Prohibition or otherwise challenge the validity or legality of the Order.

5. Finality. The Order of Prohibition is issued pursuant to Section 206(g) of the Federal Credit Union Act, 12 U.S.C. §1786(g). Upon its issuance by the National Credit Union Administration Board, it shall be a final Order, effective and fully enforceable by the National Credit Union Administration.

WHEREFORE, in consideration of the foregoing, the undersigned, on behalf of the National Credit Union Administration and Ellis Elmore, execute this Stipulation and Consent to Issuance of Order of Prohibition.

NATIONAL CREDIT UNION ADMINISTRATION

By: __________________________
Jon J. Canerday
Trial Attorney
Office of General Counsel

Date: _______________

___________________________
Ellis Elmore

Date: _______________

(Notary Seal)

___________________________
Notary Public

My Commission expires:________________________________.