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[¶11,754] In the Matter of T. Alan Boyd, BestBank, Boulder, Colorado, Docket No. 98-110e (12-28-00)
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 SuspensionProhibition FromParticipation in Conduct of Affairs
[.2] Prohibition, Removal or SuspensionProhibition FromVoting Rights,
Exercise of
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In the Matter of
EDWARD P. MATTAR, III, T. ALAN BOYDand JACK O. GRACE,
individually and as institution-affiliated parties of
BESTBANK
BOULDER, COLORADO
(Insured State Nonmember Bank)
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
FDIC-98-110e
T. ALAN BOYD ("Respondent") has received a NOTICE OF
INTENTION TO PROHIBIT FROM FURTHER PARTICIPATION ("NOTICE")
issued by the Federal Deposit Insurance Corporation ("FDIC")
detailing the 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, the 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 unsafe or unsound
banking practices, and/or any 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) The Respondent has engaged or participated in unsafe or
unsound banking practices as an institution-affiliated party of the
BestBank, Boulder, Colorado ("Bank");
(b) By reason of such practices, the Bank suffered financial loss or
other damage, the interests of the Bank's depositors have been
prejudiced and/or Respondent received financial gain or other benefit;
and
(c) Such practices demonstrated the Respondent's willful and/or
continuing disregard for the safety or soundness of the Bank.
The FDIC further determined that such practices demonstrated the
Respondent's unfitness to serve as a director, officer, person
participating in the conduct of the affairs or as an
institution-affiliated party of the Bank, any other 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 PROHIBITIONFROM FURTHER PARTICIPATION
1. T. Alan Boyd 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:
[.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 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 upon its issuance by the FDIC.
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 28th day of December, 2000.