{{6-30-01 p.C-5114}}
[¶11,784] In the Matter of John A. Williams, Jr., People's Savings Bank of
Brockton, South Easton, Massachusetts, Docket No. 00-068e (4-12-01)
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
JOHN A. WILLIAMS, JR.,individually, and as
an institution-affiliated party of
PEOPLE'S SAVINGS BANK OF BROCKTON
SOUTH EASTON, MASSACHUSETTS
(Insured State Nonmember Bank)
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
FDIC-00-68e
John A. Williams, Jr., ("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 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 and/or breaches of fiduciary duty as an
institution-affiliated party of People's Savings Bank of Brockton,
South Easton, Massachusetts ("Bank");
(b) By reason of such practices and/or breaches of fiduciary duty, the
Bank has suffered or will probably suffer financial loss
{{8-31-03 p.C-5115}}
or other
damage, the interests of the Bank's depositors have been or could be
prejudiced, and/or Respondent received financial gain or other benefit;
and
(c) Such practices 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 further determined that such 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. John A. Williams, Jr. 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 12th day of April, 2001.