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


{{11-30-96 p.C-4261}}
   [11,343] In the Matter of Raymond P. O'Machel, DuPage Valley State Bank, Woodridge, Ill., now merged into Bridgeview Bank and Trust Co., Bridgeview, Ill., Docket No. FDIC-96-61e (9-18-96)

   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
RAYMOND P. O'MACHEL,
individually and as an
institution-affiliated party of
DUPAGE VALLEY STATE BANK
WOODRIDGE,ILLINOIS
now merged into
BRIDGEVIEW BANK AND TRUST
COMPANY

BRIDGEVIEW,ILLINOIS
(Insured State Nonmember Bank)
ORDER OF PROHIBITION FROM
FURTHER PARTICIPATION

FDIC-96-61e

   Raymond P. O'Machel ("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 any breaches of fiduciary duty as an institution-affiliated party of DuPage Valley State Bank, Woodridge, Illinois, now merged into Bridgeview Bank and Trust Company, Bridgeview, Illinois ("Bank");
   (b) By reason of such violations, practices, and/or breaches of fiduciary duty, 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, practices, and/or any breaches of fiduciary duty involve the Respondent's willful and/or continuing disregard for 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- {{11-30-96 p.C-4262}}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. Raymond P. O'Machel, is hereby, without 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. IT IS FURTHER ORDERED that Respondent is prohibited from seeking or accepting indemnification from any insured depository institution or the DuPage Valley Liquidating Trust for any expenses, including attorney fees and disbursements incurred by Respondent in connection with this matter.
   3. 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.
   Pursuant to delegated authority.
   Dated this 18th day of September, 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.

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

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