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[¶11,720] In the Matter of Dirk Thierer, Hartford-Carlisle Savings Bank, Carlisle, Iowa, Docket No. 99-144e (6-7-00)
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
DIRK A. THIERER,
individually, and as an officer, director, and
an institution-affiliated party of
HARTFORD-CARLISLE SAVINGS BANK
CARLISLE, IOWA
(Insured State Nonmember Bank—In Receivership)
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
FDIC-99-144e
Dirk A. Thierer ("Respondent") has received a NOTICE OF INTENTION TO REMOVE FROM OFFICE AND 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 REMOVAL FROM OFFICE AND PROHIBITION FROM FURTHER PARTICIPATION ("ORDER") may issue, and has been further advised of the right to a hearing on the charges under section 8(e) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(e), and the FDIC 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 and without admitting or denying any violations, unsafe or unsound banking practices and/or 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) Respondent has engaged or participated in violations of law and regulations, unsafe or unsound banking practices, and breaches of his fiduciary duties as an institution-affiliated party of the Hartford-Carlisle Savings Bank, Carlisle, Iowa ("Bank");
(b) By reason of such violations, practices and breaches of fiduciary duty, the Bank has suffered financial loss and other damage, the interests of the Bank's depositors have been prejudiced and Respondent received financial gain; and
(c) Such violations, practices and breaches of fiduciary duty involve personal dishonesty on the part of Respondent and demonstrate Respondent's willful and 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 Respondent's unfitness to serve as a director, officer, person participating in the conduct of the affairs or as an institution-affiliated party of any insured depository institution or any other agency or organization enumerated in section 8(e)(7)(A) of the Act, 12 U.S.C. § 1818(e)(7)(A).
The FDIC, therefore, accepted the CONSENT AGREEMENT and issued the following:
ORDER OF PROHIBITION
FROM FURTHER PARTICIPATION
1. Dirk A. Thierer is hereby 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 with respect to any voting rights in any financial institution
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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, 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).
2. This ORDER shall be effective immediately upon 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 at Washington, D.C., this 7th day of June, 2000.
