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FDIC Enforcement Decisions and Orders

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{{4-30-93 p.C-3024}}
   [10,720] In the Matter of Jennifer L. Hudak, Peoples Bank One, West Lebanon, Pennsylvania, Docket No. FDIC-93-4e (2-17-93).

   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
JENNIFER L, HUDAK, individually,
and as an institution-affiliated
party of
PEOPLES BANK ONE
WEST LEBANON, PENNSYLVANIA
(Insured State Nonmember Bank)
ORDER OF PROHIBITION
FROM FURTHER PARTICIPATION

FDIC-93-4e

   Jennifer L. Hudak ("Respondent"), having been advised of the right to receive a NOTICE OF INTENTION TO PROHIBIT FROM FURTHER PARTICIPATION ("NOTICE") issued by the Federal Deposit Insurance Corporation ("FDIC") detailing the violations and/or unsafe or unsound banking practices for which an ORDER OF PROHIBITION FROM FURTHER PARTICIPATION ("ORDER") may issue, and having been further advised of the 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 the FDIC's Rules of Practice and Procedure, 12 C.F.R. Part 308, and having waived those rights, the 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, whereby solely for the purpose of this proceeding and without admitting or denying any violations and/or unsafe or unsound banking practices, Respondent consented to the issuance of an ORDER by the FDIC.
   The FDIC considered the matter and determined it has mason to believe that:
   (a) The Respondent has engaged or participated in violations and/or unsafe or unsound banking practices as an institution-affiliated party of the Bank;
   (b) By reason of such violations and/or practices, the Bank has suffered or will probably suffer financial loss or other damage, the interests of the Bank's depositors have been or could be prejudiced and/or Respondent received financial gain or other benefit; and
   (c) Such violations and/or practices involve personal dishonesty on the part of the Respondent or demonstrate the Respondent   s willful and/or continuing disregard for the safety or soundness of the Bank. The FDIC further determined that such violations and/or practices demonstrate the Respondent's unfitness to serve as a director, officer, person participating in the conduct of the affairs of or as an institution-affiliated party of the Bank, any other insured depos- {{8-31-95 p.C-3025}}itory institution, or any other agency or organization enumerated in section 8(e)(7)(A) of the Act, 12 U.S.C. § 1818(e)(7)(A).
   The FDIC, therefore, accepted the CONSENT AGREEMENT, and issued the following:

ORDER OF PROHIBITION FROM
FURTHER PARTICIPATION

   1. Jennifer L. Hudak is hereby, without the prior written approval 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), prohibited from:

   [.1] (a) Participating in any manner in the conduct of the affairs of any financial institution or organization enumerated in section 8(P,)(7)(A) of the Act 12 U.S.C. § 1818(e)(7)(A);

   [.2] (b) Soliciting, procuring, transferring, attempting to transfer, voting, or attempting to vote any proxy, consent or authorization with respect to any voting rights in any financial institution enumerated in section 8(e)(7)(A) of the Act, 12 U.S.C. § 1818(e)(7)(A);
   (c) Violating any voting agreement previously approved by the appropriate Federal banking agency; or
   (d) Voting for a director or serving or acting as an institution-affiliated party.
   2. This ORDER will become effective ten (10) days after its issuance. The provisions of this ORDER will 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 17th day of February, 1993.
   Pursuant to delegated authority.

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