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{{10-31-00 p.C-4976}}

   [11,730] In the Matter of Pilgrim Co-operative Bank, Cohasset, Massachusetts, Docket No. 00-052k (8-2-00)

   Respondent agrees to pay civil money penalty assessed by the FDIC in the amount of $2,800.

In the Matter of

PILGRIM CO-OPERATIVE BANK
COHASSET, MASSACHUSETTS
(Insured State Nonmember Bank)
ORDER TO PAYCIVIL MONEY PENALTY

FDIC-00-052k

   PILGRIM CO-OPERATIVE BANK ("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 Federal Deposit Insurance Corporation ("FDIC") detailing the violations for which a civil money penalty may be assessed against the Bank pursuant to the Flood Disaster Protection Act ("Flood Act"), as amended, 42 U.S.C. § 4012a, section 8(i)(2) of the Federal Deposit Insurance Act ("FDI Act"), 12 U.S.C. § 1818(i)(2), and Part 339 of the FDIC Rules and Regulations, 12 C.F.R. Part 339,
{{10-31-00 p.C-4977}} and has been further advised of the right to a hearing on the alleged charges under the Flood Act, 42 U.S.C. § 4012a(f), section 8(i) of the FDI Act, 12 U.S.C. § 1818(i), and the FDIC Rules of Practice and Procedure, 12 C.F.R. Part 308.

   Having waived those rights, the Bank entered into a STIPULATION AND CONSENT TO ORDER TO PAY CIVIL MONEY PENALTY ("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, the Bank consented and agreed to pay a civil money penalty in the amount of $2,800.00 related to its failure to complete flood hazard determinations on all qualifying real estate, as required by Part 339 of the FDIC Rules and Regulations, 12 C.F.R. Part 339.

   The FDIC considered the matter and determined it had reason to believe that the Bank has engaged or participated in violations of law or regulations for which a civil money penalty of $2,800.00 is appropriate to be assessed against the Bank, pursuant to the Flood Act, 42 U.S.C. § 4012a, section 8(i)(2) of the FDI Act, 12 U.S.C. § 1818(i)(2), and Part 339 of the FDIC Rules and Regulations, 12 C.F.R. Part 339.

   The FDIC, therefore, accepted the AGREEMENT and issued the following:

ORDER TO PAY CIVIL MONEY PENALTY

   IT IS HEREBY ORDERED,. that the Bank be, and hereby is, assessed a civil money penalty of $2,800.00, pursuant to the Flood Act, 42 U.S.C. § 4012a, section 8(i)(2) of the FDI Act, 12 U.S.C. § 1818(i)(2), and Part 339 of the FDIC Rules and Regulations, 12 C.F.R. Part 339, the receipt of which is acknowledged.

   Pursuant to delegated authority.

   Dated at Washington, D.C., this 2nd day of August, 2000.

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