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FDIC Enforcement Decisions and Orders

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{{9-30-96 p.C-4228}}
   [11,319] In the Matter of Steven R. Taylor, Midland Bank, Lee's Summit, Mo., Docket No. FDIC-95-85e (7-16-96)

   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
STEVEN R. TAYLOR, individually, and
as an institution-affiliated party of
MIDLAND BANK
LEE'S SUMMIT,MISSOURI
(Insured State Nonmember Bank)
FDIC-95-85e
ORDER OF PROHIBITION FROM
FURTHER PARTICIPATION

   Steven R. Taylor ("Respondent") has 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, unsafe or unsound banking practices, and/or breaches of fiduciary duty for which an ORDER OF PROHIBITION FROM FURTHER PARTICIPATION ("ORDER") may issue, and has 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. 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, unsafe or unsound banking practices, and/or any breaches of fiduciary duty, Respondent consented to the issuance of an ORDER by the FDIC.
   The FDIC considered the matter and determined it had reason to believe that:

       (a) The Respondent has engaged or participated in violations, unsafe or unsound banking practices, and/or breaches of fiduciary duty as an institution-affiliated party of the Midland Bank, Lee's Summit, Missouri ("Bank");
       (b) By reason of such violations, practices and/or breaches of fiduciary duty, the Bank has suffered financial loss or other damage, the interests of the Bank's depositors have been prejudiced and/or Respondent received financial gain or other benefit; and
       (c) Such violations, practices and/or breaches of fiduciary duty 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, practices and/or breaches of fiduciary duty demonstrate the Respondent's unfitness to serve as a director, officer, person participating in the conduct of the affairs or as an institution-affiliated party of the Bank, any other insured depository institution, or any other agency or organiza-
{{9-30-96 p.C-4229}}tion enumerated in section 8(e)(7)(A) of the Act, 12 U.S.C. § 1818(e)(7)(A).1
   The FDIC, therefore, accepted the CONSENT AGREEMENT and issued the following:

ORDER OF PROHIBITION FROM
FURTHER PARTICIPATION

   1. Steven R. Taylor 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(e)(7)(A) of the Act, 12 U.S.C. § 1818 (e)(7)(A);2

   [.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);3
   (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. The CONSENT AGREEMENT is made a part hereof and incorporated herein by reference.
   3. This ORDER will become effective ten 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.
   Pursuant to delegated authority.
   Dated this 16th day of July, 1996.


1 Subsection (b)(8), as referenced in section 8(e)(7)(A)(ii), has been redesignated as subsection (b)(9).

2 See footnote 1.

3 See footnote 1.

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