{{5-31-01 p.C-5090}}
[¶11,775] In the Matter of Terry L. Porter, Peoples Bank of Fordland, Fordland,
Missouri, Docket No. 00-098e (3-29-01)
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
In the Matter of
TERRY L. PORTER,
individually, and as an
institution-affiliated party of
PEOPLES BANK OF FORDLAND
FORDLAND, MISSOURI
Insured State Nonmember Bank
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
FDIC-00-098e
Terry L. Porter ("Respondent") has been advised of the right
to receive a NOTICE OF INTENTION 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
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 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 violations, 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 violations,
unsafe or unsound banking practices, and/or breaches of fiduciary duty
as an institution-affiliated party of the Peoples Bank of Fordland,
Fordland, Missouri ("Bank");
(b) By reason of such violations, practices and/or breaches of
fiduciary duty, the Bank has suffered or will probably suffer financial
loss or other damage, the interests of the Bank's depositors have been
or could
{{2-29-04 p.C-5091}}
be prejudiced and/or Respondent received financial gain or
other benefit; and
(c) Such violations, practices and/or breaches of fiduciary duty
involve personal dishonesty on the part of the Respondent or
demonstrate the Respondent's willful and/or 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 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 PROHIBITION FROM FURTHER PARTICIPATION
1. Terry L. Porter 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 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 29th day of March, 2001.