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FDIC Enforcement Decisions and Orders

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{{10-31-92 p.C-2661}}
   [10,630] In the Matter of Leslie D. White, Latimer State Bank, Wilburton, Oklahoma, Docket No. FDIC-92-229e (8-25-92).

   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
Leslie D. White, individually
and as an institution-affiliated
party of
LATIMER STATE BANK
WILBURTON, OKLAHOMA
(Insured State Nonmember Bank)
ORDER OF PROHIBITION
FROM FURTHER PARTICIPATION

FDIC-92-229e

   Leslie D. White ("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 violations of law or regulation, unsafe or unsound banking practices and/or breaches of fiduciary duty alleged to have been engaged in by the Respondent individually and as an institution-affiliated party of Latimer State Bank, Wilburton, Oklahoma (hereinafter referred to as "Bank"), which have resulted, or will probably result in, financial loss or other damage to the Bank and/or prejudice to the interests of depositors; and which demonstrate Respondent's willful or continuing disregard for the safety and soundness of the Bank; and having been further 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 Rules of Practice and Procedure, 56 Fed. Reg. 37,968 (1991) (to be codified at 12 C.F.R. Part 308), and having waived those rights, 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 June 1, 1992, whereby solely for the purpose of {{10-31-92 p.C-2662}}this proceeding and without admitting or denying any violations of law or regulation, any unsafe or unsound banking practices 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 it had reason to believe that:
   (i) Respondent had engaged or participated in violations of law or regulation and unsafe or unsound banking practices;
   (ii) By reason of such violations, and/or practices, the Bank has suffered or will probably suffer financial loss or other damage and/or the interests of the Bank's depositors have been or could be prejudiced; and
   (iii) Such violations, and/or practices demonstrate Respondent's willful or continuing disregard for the safety or soundness of the Bank. The FDIC further determined the violations, and/or practices evidence Respondent's unfitness to serve as an officer, director and/or institution-affiliated party of the Bank, or any insured depository institution or agency or organization enumerated in section 8(e)(7)(A) of the Act, 12 U.S.C. § 1818(e)(7)(A). The FDIC, therefore, accepts the CONSENT AGREEMENT and issues the following:

ORDER OF
PROHIBITION FROM FURTHER
PARTICIPATION

   [.1] 1. IT IS HEREBY ORDERED, that Leslie D. White 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), 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).

   [.2] 2. IT IS FURTHER ORDERED, that Leslie D. White shall not solicit, procure, transfer or 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 Leslie D. White 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 Leslie D. White 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 25th day of August, 1992.
   Pursuant to delegated authority.

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