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FDIC Enforcement Decisions and Orders

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{{12-31-90 p.C-459}}

   [10,087] In the Matter of George A. Switlyk, Docket No. 90-122e (7-16-90).

Institution-affiliated party prohibited from participation in the affairs of, or the exercise of voting rights in, any insured institution.

   [.1] Prohibition, Removal, or Suspension—Prohibition—Institution—Affiliated Party
   [.2] Prohibition, Removal, or Suspension—Prohibition—Participation in Conduct of Affairs
   [.3] Prohibition, Removal, or Suspension—Prohibition—Exercise of Voting Rights

In the Matter of
GEORGE A. SWITLYK, individually and
as an institution-affiliated
party of
CITIZENS BANK OF TULSA
TULSA, OKLAHOMA
(Insured State Nonmember Bank)
ORDER OF PROHIBITION FROM
FURTHER PARTICIPATION

FDIC-90-122e

   George A. Switlyk ("Respondent"), having been advised of his right to a NOTICE OF INTENTION TO PROHIBIT FROM FURTHER PARTICIPATION ("NOTICE") issued by the Federal Deposit Insurance Corporation ("FDIC") detailing the unsafe or unsound practices, alleged to have been committed by Respondent, individually and as an institution-affiliated party of Citizens Bank of Tulsa, Tulsa, Oklahoma, ("Bank"), which, in the opinion of the FDIC, resulted in damage to the Bank, and which, in the opinion of the FDIC, demonstrated a willful or continuing disregard by Respondent for the safety and soundness of the Bank, and further evidenced Respondent's unfitness to participate in the conduct of the affairs of the Bank, or any other insured depository institution, and having been advised of his right to a hearing on the alleged charges pursuant to section 8(e) of the Federal Deposit Insurance Act ("Act"), {{12-31-90 p.C-460}}12 U.S.C. § 1818(e), and Part 308 of the 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 April 12, 1990, whereby solely for the purpose of this proceeding and without admitting or denying any unsafe or unsound practices, Respondent consented to the issuance of an ORDER OF PROHIBITION FROM FURTHER PARTICIPATION ("ORDER") by the FDIC.
   Having considered the matter and determined that it had reason to believe that Respondent engaged in unsafe or unsound practices in his capacity as an institution-affiliated party of the Bank, which have resulted in damage to the Bank and demonstrated a willful or continuing disregard by Respondent for the safety and soundness of the Bank and further evidenced Respondent's unfitness to participate in the conduct of the affairs of the Bank, or any other insured depository institution, the FDIC, therefore, accepts the CONSENT AGREEMENT and issues the following:

ORDER OF PROHIBITION FROM
FURTHER PARTICIPATION

   [.1] 1. George A. Switlyk is hereby prohibited from serving or acting as an institution-affiliated party of Citizens Bank of Tulsa, Tulsa, Oklahoma, without the prior written approval of the FDIC.

   [.2] 2. George A. Switlyk is hereby prohibited from serving or acting as an institution-affiliated party and/or from participating in any manner in the conduct of the affairs of any of the institutions or agencies, listed herein, without the prior written consent of the FDIC and of the appropriate Federal financial institutions regulatory agency pursuant to the provisions of section 8(e)(7) of the Act, 12 U.S.C. § 1818(e)(7):

       (i) Any insured depository institution;
       (ii) Any institution treated as an insured bank under sections 8(b)(3) or (b)(4) of the Act, 12 U.S.C. § 1818(b)(3) or (b)(4), including: (1) any bank holding company, (2) any subsidiary of a bank holding company, (3) any foreign bank that maintains a branch or agency in a State, (4) any foreign bank or foreign company controlling a foreign bank that controls a commercial lending company organized under State law, and any company of which any foreign bank or company referred to in (3) and (4), above, is a subsidiary, or as a savings association under section (8)(b)(8) of the Act, 12 U.S.C. § 1818(b)(8), including any savings and loan holding company, any subsidiary of a savings and loan holding company, any savings and loan holding company, any service corporation of a savings association, and any subsidiary of any service corporation of a savings association;
       (iii) Any insured credit union under the Federal Credit Union Act; 12 U.S.C. § 1781 et seq.
       (iv) Any institution chartered under the Farm Credit Act of 1971; 12 U.S.C. § 2001 et. seq.
       (v) Any appropriate Federal depository institution regulatory agency;
       (vi) The Federal Housing Finance Board and any Federal home loan bank; and
       (vii) The Resolution Trust Corporation.

   [.3] 3. George A. Switlyk is hereby prohibited from soliciting, procuring, transferring, attempting to transfer, voting, or attempting to vote any proxy, consent, or authorization with respect to any voting rights in any institutions described in paragraph 2 hereof.

   [.4] 4. George A. Switlyk is hereby prohibited from voting for a director of any insured depository institution.

   [.5] 5. George A. Switlyk is permitted to sell, transfer or otherwise dispose of all stock currently held by him in the Bank and any other institution, subject to applicable statutory and regulatory provisions. 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 16th day of July, 1990.

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