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[11,458] In the Matter of Jon C. Thomas, The Security Bank of Mountain Grove, Mountain Grove, Missouri, Docket No. FDIC-94-7e (11-18-97)
Respondent prohibited from participating in the conduct of affairs of, or exercising voting rights in, any insured institution without the prior written approval of the FDIC.
[.1] Prohibition—Participation in Conduct of Affairs
[.2] Prohibition—Exercise of Voting Rights
In the Matter of
JON C. THOMAS,
individually and as an institution-
affiliated party of
THE SECURITY BANK OF
MOUNTAIN GROVE
MOUNTAIN GROVE, MISSOURI
(Now Known as Sun Security Bank of
America, Mountain Grove, Missouri)
(Insured State Nonmember Bank)
ORDER OF PROHIBITION FROM
FURTHER PARTICIPATION
FDIC-94-7e
Jon C. Thomas ("Respondent") has received an AMENDED NOTICE OF INTENTION TO PROHIBIT FROM FURTHER PARTICIPATION ("AMENDED 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, 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, Respondent admitted to certain unsafe or unsound banking practices and breaches of fiduciary duty and 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 unsafe or unsound banking practices and breaches of fiduciary duty as an institution-affiliated party of the Bank;
(b) By reason of such practices and breaches of fiduciary duty, Respondent received financial gain or other benefit; and
(c) Such practices and breaches of fiduciary duty demonstrate the Respondent's willful and/or continuing disregard for the safety or soundness of the Bank.
The FDIC, therefore accepted the CONSENT AGREEMENT and issued the following:
ORDER OF PROHIBITION FROM
FURTHER PARTICIPATION
1. Jon C. Thomas 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:
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[.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);1
[.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);2
(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 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 provisions of this ORDER shall have been modified, terminated, suspended, or set aside by the FDIC.
Pursuant to delegated authority.
Dated this 18th day of November, 1997.
1 Subsection (b)(8), as referenced in section 8(e)(7)(A)(ii), has been redesignated as subsection (b)(9).
2 See footnote 1.
