Each depositor insured to at least $250,000 per insured bank



Home > Regulation & Examinations > Bank Examinations > FDIC Enforcement Decisions and Orders




FDIC Enforcement Decisions and Orders

ED&O Home | Search Form | Text Search | ED&O Help


{{12-31-92 p.C-2610}}
   [10,611] In the Matter of Darrell E. Glencross, Amoskeag Bank, Manchester, New Hampshire, Docket No. FDIC-92-100e (8-7-92).

   Respondent prohibited from participating in the conduct of affairs of, or exercising voting rights in, any insured institution without the prior consent of the FDIC.

   [.1] Prohibition—Participation in Conduct of Affairs

   [.2] Prohibition—Exercise of Voting Rights

In the Matter of
DARRELL E. GLENCROSS,
individually,
and as an executive officer of, a person
participating in the
conduct of the affairs of, and an
institution-affiliated party of
AMOSKEAG BANK
MANCHESTER, NEW HAMPSHIRE
(Insured State Nonmember Bank—In
Receivership)
ORDER OF PROHIBITION FROM
FURTHER PARTICIPATION

FDIC-92-100e

   Darrell E. Glencross ("Respondent"), having received a NOTICE OF INTENTION TO PROHIBIT FROM FURTHER PARTICIPATION ("NOTICE") issued by the Federal Deposit Insurance Corporation ("FDIC") detailing the violations of law, rule, or regulation, unsafe or unsound banking practices, and/or breaches of fiduciary duty alleged to have been engaged in by the Respondent, individually, and in his capacity as an executive officer of, person participating in the conduct of the affairs of, and institution-affiliated party of, Amoskeag Bank, Manchester, New Hampshire ("Bank"), which have resulted, or will probably result, in substantial financial loss or other damage to the Bank and/or prejudice to the interests of the Bank's depositors and/or Respondent's financial gain or other benefit; and which demonstrate Respondent's willful or continuing disregard for the safety or soundness of the Bank; and having been advised 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 Procedure, 12 C.F.R. Part 308, and having waived that right, Respondent 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 July 17, 1992, whereby, solely for the purpose of this proceeding and without admitting or denying violations of law, rule, or regulation, breaches of fiduciary duty, and/or unsafe or unsound banking practices, 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 violations of law, rule, or regulation, breaches of fiduciary duty, and/or unsafe or unsound banking practices which seriously prejudiced the interests of the Bank's depositors, and resulted in substantial financial loss to the Bank, said violations, breaches and/or practices evidencing Respondent's willful or continuing disregard for the safety or soundness of the Bank, and that the violations, breaches, and/or practices evidence Respondent's unfitness to serve as an officer, director, participant in the conduct of the affairs of and/or institution-affiliated party of the Bank or any other insured depository institution or agency or organization enumerated in section (8)(7)(A) of the {{12-31-92 p.C-2610.1}}Act, 12 U.S.C. § 1818(e)(7)(A) (1989). The FDIC, therefore, accepts the CONSENT AGREEMENT and issues 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 prior written consent of the FDIC and the appropriate Federal financial institutions regulatory agency, as that term is defined in section 8(e)(7)(D) of the Act, 12 U.S.C. § 1818(e)(7)(D).

   [.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 financial institutions regulatory agency, as that term is defined in section 8(e)(7)(D) of the Act, 12 U.S.C. § 1818(e)(7)(D).
   3. IT IS FURTHER ORDERED, that the Respondent shall not violate any voting agreement with respect to 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), previously approved by the appropriate Federal financial institutions regulatory agency, without the prior written consent of the FDIC and the appropriate Federal financial institutions regulatory agency, as that term is defined in section 8(e)(7)(D) of the Act, 12 U.S.C. § 1818(e)(7)(D).
   4. 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), without the prior written consent of the FDIC and the appropriate Federal financial institutions regulatory agency, as that term is defined in section 8(e)(7)(D) of the Act, 12 U.S.C. § 1818(e)(7)(D).
   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 as, any provision of this ORDER shall have been modified, terminated, suspended, or set aside by the FDIC.
   Dated at Washington, D.C., this 10th day of August, 1992.
   Pursuant to delegated authority.

ED&O Home | Search Form | Text Search | ED&O Help

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