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FDIC Enforcement Decisions and Orders

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   [11,514A] In the Matter of Hagerstown Trust Company, Hagerstown, Maryland, Docket No. 98-041k (6-8-98)

   Respondent agrees to pay civil money penalty assessed by the FDIC in the amount of $2,000.

In the Matter of

HAGERSTOWN TRUST COMPANY
HAGERSTOWN, MARYLAND
(Insured State Nonmember Bank)
ORDER TO PAY CIVIL MONEY PENALTY

FDIC-98-041k

   Hagerstown Trust Company, Hagerstown, Maryland ("Bank"), has been advised of the right to receive a NOTICE OF ASSESSMENT OF CIVIL MONEY PENALTY, FINDINGS OF FACT AND CONCLUSIONS OF LAW, ORDER TO PAY, AND NOTICE OF HEARING ("NOTICE") issued by the FDIC, assessing a civil money penalty pursuant to section 8(i)(2) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. §1818(i)(2), section 305 of the Home Mortgage Disclosure Act, 12 U.S.C. §2804, and section 203.6 of Regulation C of the Board of Governors of the Federal Reserve System, 12 C.F.R. §203.6, and has been further advised of the right to a hearing on the alleged charges under section 8(i) of the Act, 12 U.S.C. §1818(i), and the FDIC's Rules of Practice and Procedure, 12 C.F.R. Part 308.

   Having waived those rights, the Bank entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF AN ORDER TO PAY CIVIL MONEY PENALTY ("STIPULATION") 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 of law and/or regulation, the Bank consented and agreed to pay a civil money penalty in the amount of ($2,000.00).

   The FDIC considered the matter and determined it had reason to believe that the Bank has engaged or participated in violations of law and/or regulations for which a civil money penalty of two thousand dollars ($2,000.00) is appropriate to be assessed against the Bank pursuant to section 8(i)(2) of the Act, 12 U.S.C. §1818(i)(2).

   After taking into account said STIPULATION, the appropriateness of the penalty with
{{9-30-00 p.C-4544.2}} respect to the financial resources and good faith of the Bank, the gravity of the violations by the Bank, the history of previous violations by the Bank, and such other matters as justice may require, the FDIC accepts the STIPULATION and issues the following:

ORDER TO PAYCIVIL MONEY PENALTY

   IT IS HEREBY ORDERED, that the Bank be, and hereby is, assessed a civil money penalty of $2,000.00 pursuant to section 8(i)(2) of the Act, 12 U.S.C. §1818(i)(2), the receipt of which is hereby acknowledged.

   This ORDER shall be effective upon its issuance.

   Pursuant to delegated authority.

   Dated at Washington, D.C., this 8th day of June, 1998.

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