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FDIC Enforcement Decisions and Orders

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{{7-31-99 p.C-4736}}
   [11,620] In the Matter of Bruce A. Hocking, Community First State Bank (Formerly The Abbott Bank), Alliance, Nebraska, Docket Nos. 94-167e and 95-187k (5-27-99)

   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, Removal or Suspension—Prohibition From—Participation in Conduct of Affairs
   [.2] Prohibition, Removal or Suspension—Prohibition From—Voting Rights, Exercise of

In the Matter of
JAMES E. ABBOTT;
RICHARD L. GORDON;
MORRIS R. SHIELDS;
JOHN H. WESTERING;
ALAN W. FRIESEN;
BRUCE A. HOCKING;
GLENN P.OORLOG
and
RITCH A. BAHE
COMMUNITY FIRST STATE BANK,
(FORMERLY THE ABBOTT BANK)
ALLIANCE, NEBRASKA (Insured State Nonmember Bank)
ORDER OF PROHIBITION
FROM FURTHER PARTICIPATION
AGAINST BRUCE A. HOCKING

FDIC-94-167e
FDIC-95-187k

   Bruce A. Hocking ("Respondent"), has received a NOTICE OF INTENTION TO PROHIBIT FROM FURTHER PARTICIPATION, NOTICE OF ASSESSMENT OF CIVIL MONEY PENALTIES, FINDINGS OF FACT AND CONCLUSIONS OF LAW, ORDER TO PAY AND NOTICE OF HEARING (collectively "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 and an ORDER TO PAY may issue, and has been further advised of the right to a hearing on the alleged charges under sections 8(e) and 8(i) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. §§1818(e) and 1818(i), 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 BY BRUCE A. HOCKING 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 resolving this proceeding against Respondent, and any other enforcement actions against Respondent by the FDIC under section 8 of the Act, 12 U.S.C. §1818, for his acts and omissions alleged in the NOTICE, 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 OF PROHIBITION ("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 and/or breaches of fiduciary duty as an institution-affiliated party of the Bank;
       (b) By reason of such violations and/or breaches of fiduciary duty, the Bank has suffered financial loss or other damage; and
       (c) Such violations and/or breaches of fiduciary duty demonstrate the Respondent's willful and/or continuing disregard for the safety or soundness of the Bank.
   The FDIC, therefore, in settlement of the above-captionedoutstanding enforcement proceedings against Respondent, accepted the CONSENT AGREEMENT and issued the following:
{{7-31-99 p.C-4737}}
ORDER OF PROHIBITION FROM
FURTHER PARTICIPATION

   1. Bruce A. Hocking is hereby, without the prior written approval of the FDIC and the appropriate Federal financial institutions regulatory agency, as the 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] (b) soliciting, procuring, transferring, attempting to transfer, voting, or attempting to vote any proxy, consent or authorization withrespect 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);
   (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 provision of this ORDER shall have been modified, terminated, suspended, or set aside by the FDIC.
   Pursuant to delegated authority.
   Dated this 27th day of May, 1999.

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