[¶11,076] In The Matter of Roger A. Petersen, Bank of Bellevue, Bellevue, Nebraska; Tri-county Bank & Trust, Bellevue, Nebraska; Boone State Bank & Trust, Boone, Iowa; Standard State Bank & Trust Company, Independence, Missouri, Docket No. FDIC-94-132b (10-18-94).
Respondent agrees to notify FDIC in advance if he intends to become an institution-affiliated party and to observe certain restrictions if he does return to employment in an insured institution.
[.1] Institution-Affiliated PartyNotice to FDIC of Intent to Become
[.2] Institution-Affiliated PartyNotice to Bank of CDO Restrictions
[.3] Institution-Affiliated PartySupervision by Senior Officers Required
In The Matter of
ROGER A. PETERSEN, individually
and as a director, person
participating in the conduct
of the affairs and/or institution-
affiliated party of;
BANK OF BELLEVUE
TRI-COUNTY BANK & TRUST
BOONE STATE BANK & TRUST CO.
STANDARD STATE BANK & TRUST
(Insured State Nonmember Banks)
ORDER TO CEASE AND DESIST
The Federal Deposit Insurance Corporation ("FDIC") on September 2, 1992, issued to Roger A. Petersen ("Respondent"), among others, a NOTICE OF INTENTION TO REMOVE FROM OFFICE AND TO PROHIBIT FROM FURTHER PARTICIPATION ("NOTICE") under section 8(e) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(e). The NOTICE charged Respondent, among other things, with having engaged in unsafe or unsound banking practices and having violated certain laws and/or regulations.
Respondent and counsel for the FDIC thereafter executed a STIPULATION AND CONSENT TO THE ISSUANCE OF AN ORDER TO PAY AND AN ORDER TO CEASE AND DESIST ("CONSENT AGREEMENT"), dated August 31, 1994, whereby solely for the purpose of this proceeding and without admitting any of the allegations in the NOTICE, Respondent consented to the issuance of an ORDER TO CEASE AND DESIST ("ORDER") by the FDIC.
The FDIC considered the matter and determined that it had reason to believe that Respondent had engaged in unsafe or unsound banking practices. The FDIC, therefore, accepted the CONSENT AGREEMENT and issued the following:
1. "Institution-Affiliated Party" means the same as in section 3(u) of the Act, 12 U.S.C. § 1813(u).
2. "Insured Depository Institution" means the same as in section 3(c)(2) of the Act, 12 U.S.C. § 1813(c)(2).
3. "Senior Executive Officer" means the same as section 303.14(a)(3) of the FDIC's Rules and Regulations, 12 C.F.R. § 303.14(a)(3).
4. "Director" means the same as in section 215.2(c) of Regulation O of the Board of Governors of the Federal Reserve System ("Regulation O"), 12 C.F.R. § 215.2(c).
5. "Common Financial Interest" means any relationship involving individuals who, directly or indirectly, (1) have an ownership interest in a common enterprise, or (2) are in a debtor/creditor relationship. "Common financial interest" does not include common ownership of publicly traded securities registered with the Securities and Exchange Commission, unless the individuals involved have filed or are required to file a statement under 15 U.S.C. § 78p.
6. "Related Interest" means the same as in section 215.2(m) of Regulation O, 12 C.F.R. § 215.2(m).
7. "Immediate Family" means the same as section 215.2(g) of Regulation O, 12 C.F.R. § 215.2(g).
8. "Tier 1 Capital" means the same as in section 325.2(t) of the FDIC's Rules and Regulations, 12 C.F.R. § 325.2(t).
9. "Allowance for Loan and Lease Losses" means the same as in section 325.2(a) of the FDIC's Rules and Regulations, 12 C.F.R. § 325.2(a).
ORDER TO CEASE AND DESIST
IT IS HEREBY ORDERED, that Respondent shall take affirmative action, as follows:
[.1] 1. In the event Respondent is about to become an institution-affiliated party, Respondent shall submit the following in writing to the FDIC's Regional Director (Division of Supervision) of the FDIC Region in which the insured depository institution ("institution") is located ("Regional Director") at least 10 days prior to actually serving as an institution-affiliated party:
(a) the name and location of the institution;
[.2] 3. Prior to becoming an institution-affiliated party of an institution, Respondent shall advise such institution of the existence and content of this ORDER.
(b) a detailed explanation of Respondent's position and responsibilities; and
(c) evidence that Respondent has, or will have, complete coverage under the institution's blanket bond in the event Respondent will serve in any capacity which customarily comes within the coverage of the said blanket bond.
2. (a) Whenever Respondent is serving in any position described in paragraph 1 of this ORDER, Respondent shall have and maintain blanket bond or malpractice insurance.
(b) In the event coverage of Respondent under any institution's blanket bond is terminated while serving in any position described in paragraph 1 of this ORDER, Respondent shall immediately notify the Regional Director of such termination.
[.3] 4. Respondent shall not serve as an institution-affiliated party of an institution unless he is supervised by one or more senior executive officers of the institution or his employer.
5. Respondent shall not, in the course of serving as an institution-affiliated party for any institution, directly or indirectly: (i) misrepresent, or participate in the misrepresentation of, facts; (ii) engage in any conduct which is misleading; or (iii) violate any applicable law or regulation, including but not limited to, section 337.3 of FDIC's Rules and Regulations, 12 C.F.R. § 337.3; Regulation O, 12 C.F.R. Part 215; and sections 22(h), 23A and 23B of the Federal Reserve Act, 12 U.S.C. § 375b, 371c, and 371c-1.
6. Respondent, unless he receives an exemption from the Regional Director, shall be independent with respect to any institution for which he serves as an institution-affiliated party. For purposes of this ORDER, Respondent shall be considered "independent" with respect to an institution if:
(a) Respondent is not an officer, an employee, or a director of any subsidiary of
the institution, or any of its affiliated organizations;
This ORDER shall become effective upon issuance. 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.
(b) Respondent does not own, directly or indirectly, more than five percent of the outstanding voting stock of the institution, any subsidiary of the institution, or any of its affiliated organizations;
(c) Respondent is not related by blood, marriage or common financial interest to any individual who is an officer or director of the institution or who otherwise is not independent with respect to the institution because such individual does not satisfy the criteria described in this paragraph concerning independence; and
(d) Respondent is not indebted to the institution, directly or indirectly (including the indebtedness of any "related interest" of Respondent and of any member of Respondent's "immediate family," in an amount exceeding five percent of the institution's Tier 1 capital and allowance for loan and lease losses.
Dated this 18th day of October, 1994.
Pursuant to delegated authority.