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FDIC Enforcement Decisions and Orders

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   [10,018A] In the Matter of P. Jack Wilhelmy, Community State Bank, Whiting, Iowa, Docket No. 89-13e (11-7-89)

   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 Suspension—Prohibition From—Participation in Conduct of Affairs

   [.2] Prohibition, Removal or Suspension—Prohibition From—Voting Rights, Exercise of

   In the Matter of
P. JACK WILHELMY,
individually, and as an officer, director and person participating in the conduct of the affairs of
COMMUNITY STATE BANK
WHITING, IOWA
(Insured State Nonmember Bank in Receivership)
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION

FDIC-89-13e

   P. Jack Wilhelmy ("Respondent"), having been advised of his right to a NOTICE OF INTENTION TO PROHIBIT FROM FURTHER PARTICIPATION issued by the Federal Deposit Insurance Corporation ("FDIC"), detailing the unsafe or unsound banking practices, violations of law, rule or regulation, and/or breaches of fiduciary duty involving personal dishonesty and/or willful or continuing disregard for safety and soundness alleged to have been committed by Respondent individually and in his capacity as a director, officer and participant in the conduct of the affairs of Community State Bank, Whiting, Iowa ("Bank"), resulting in financial gain by Respondent, substantial financial loss and/or other damage to the Bank, and/or serious prejudice to the interests of the Bank's depositors, and of his 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 Part 308 of the FDIC's Rules of Practice and Procedures, 12 C.F.R. Part 308, and having waived those rights, 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, dated December 19, 1988, whereby solely for the purpose of this proceeding and without admitting or denying any unsafe or unsound banking practices, violations of law, rule or regulation, and/or breaches of fiduciary duty, Respondent consented to the issuance of an ORDER OF PROHIBITION FROM FURTHER PARTICIPATION ("ORDER") by the FDIC.

   The FDIC considered the matter and determined that it had reason to believe that Respondent had engaged or participated in unsafe or unsound banking practices, violations of law, rules or regulations, and/or breaches of fiduciary duty which involved Respondent's dishonesty or willful or continuing disregard for the Bank's safety and soundness, which resulted in Respondent's financial gain, substantial financial loss or other damage to the Bank, and/or serious prejudice to the interests of the Bank's depositors, and which evidenced Respondent's unfitness to serve as an officer or director or person participating in the conduct of the affairs of any bank insured by the FDIC. The FDIC, therefore, accepted the CONSENT AGREEMENT and issued the following:

ORDER OF PROHIBITION FROM FURTHER PARTICIPATION

   [.1] 1. P. Jack Wilhelmy is hereby prohibited from serving as an officer or director of, or participating in any manner in the conduct of the affairs of, any bank insured by the FDIC, without the prior written approval of the appropriate Federal banking agency, as that term is defined in section 3(q) of the Act, 12 U.S.C. § 1813(q).

   [.2] 2. P. Jack Wilhelmy is hereby prohibited from voting for a director of any bank insured by the FDIC, without the prior written approval of the appropriate Federal banking agency, as that term is defined in section 3(q) of the Act, 12 U.S.C. § 1813(q).

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   This ORDER shall become effective ten (10) days after the date of its issuance.

   The provisions of this ORDER shall 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 at Washington, D.C., this 7th day of November, 1989.

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Last Updated 6/6/2003 legal@fdic.gov