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[¶10,098] In the Matter of Alexander Sarovich, Docket No. FDIC-89-184e (8-9-90).
Director and officer removed from office and prohibited from further participation in Bank's affairs, from participation in any capacity in the affairs of any insured institution, from exercising any voting right in any insured institution and from serving or acting as an institution-affiliated party of the Bank or any insured bank.
[.1] Prohibition, Removal, or Suspension—Prohibition—Participation In Conduct of Affairs
[.2] Prohibition, Removal, or Suspension—Prohibition—Exercise of Voting Rights
[.3] Prohibition, Removal, or Suspension—Prohibition—Vote for Directors— Service As Institution-Affiliated Party
In the Matter of
ALEXANDER SAROVICH
individually, and as a director, officer, and
participant in the conduct of the affairs of
ALSIP BANK AND TRUST
ALSIP, ILLINOIS
(Insured State Nonmember Bank)
ORDER OF REMOVAL FROM
OFFICE AND PROHIBITION
FROM FURTHER PARTICIPATION
FDIC-89-184e
The Federal Deposit Insurance Corporation ("FDIC"), on October 12, 1989, issued a NOTICE OF INTENTION TO REMOVE FROM OFFICE AND TO PROHIBIT FROM FURTHER PARTICIPATION ("NOTICE") against Alexander Sarovich ("Respondent"), individually, and as an officer, director, and participant in the conduct of the affairs of Alsip Bank and Trust, Alsip, Illinois ("Bank"), pursuant to section 8(e)(1) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(e)(1) (1982) (current version at 12 U.S.C. § 1818(e) (1989)).
The Respondent and counsel for the FDIC thereafter executed a STIPULATION AND CONSENT TO THE ISSUANCE OF AN ORDER OF REMOVAL FROM OFFICE AND PROHIBITION FROM FURTHER PARTICIPATION ("CONSENT AGREEMENT") dated May 7, 1990, whereby, solely for the purpose of this proceeding and without admitting or denying violations of laws, rules, and regulations, breaches of fiduciary duty, or unsafe or unsound banking practices as set forth in the NOTICE, Respondent consented to the issuance of an ORDER OF REMOVAL FROM OFFICE AND 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 violations of laws, rules, and regulations, breaches of fiduciary duty, and unsafe or unsound banking practices which seriously prejudiced the interests of the Bank's depositors, evidenced a willful or continuing disregard for the Bank's safety or soundness, and resulted in substantial loss or other damage to the Bank, and that the violations, breaches, and practices evidenced Respondent's unfitness to serve as an officer, director, or participant in the conduct of the affairs of the Bank, or any other depository institution or agency or organization enumerated in section 8(e)(7)(A) of the Act, 12 U.S.C.
{{11-30-91 p.C-487}}§1818(e)(7)(A) (1989). The FDIC, therefore, accepted the CONSENT AGREEMENT and issued the following:
ORDER
[.1] 1. IT IS HEREBY ORDERED, that the Respondent shall not participate in any manner in the conduct of the affairs of the Bank or any insured depository institution, agency, or organization enumerated in section 8(e)(7)(A) of the Act, 12 U.S.C. § 1818(e)(7)(A) (1989), without the prior written consent of the FDIC and 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. IT IS FURTHER ORDERED, that the Respondent shall not solicit, procure, transfer, attempt to transfer, vote, or attempt to vote any proxy, consent, or authorization with respect to any voting rights in the Bank or any insured depository institution, agency, or organization enumerated in section 8(e)(7)(A) of the Act, 12 U.S.C. § 1818(e)(7)(A), without the prior written consent of the FDIC and the appropriate Federal banking agency, as that term is defined in section 3(q) of the Act, 12 U.S.C. § 1813(q).
[.3] 3. IT IS FURTHER ORDERED, that the Respondent shall not vote for a director, or serve or act as an institution-affiliated party, as that term is defined in section 3(u) of the Act, 12 U.S.C. § 1813(u), of the Bank or any insured depository institution, agency, or organization, enumerated in section 8(e)(7)(A) of the Act, 12 U.S.C. § 1818(e)(7)(A) (1989).
This ORDER shall become effective ten days after issuance by the FDIC. The provisions of this ORDER shall remain effective and enforceable except to the extent that, and until such time, any provision of this ORDER shall have been modified, terminated, suspended, or set aside by the FDIC.
Dated at Washington, D.C., this 9th day of August, 1990.
Pursuant to delegated authority.
