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   [11,830] In the Matter of Colin C. Handeyside, Northwoods State Bank, Elcho, Wisconsin, Docket No. 00-126e (8-30-01)

   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 Suspension—Prohibition From—Participation in Conduct of Affairs

   [.2] Prohibition, Removal or Suspension—Prohibition From—Voting Rights, Exercise of

In the Matter of
COLIN C. HANDEYSIDE,
individually, and as an institution-affiliated
party of
NORTHWOODS STATE BANK
ELCHO, WISCONSIN
(Insured State Nonmember Bank)
ORDER OF PROHIBITION
FROM FURTHER PARTICIPATION

FDIC-00-126e

   COLIN C. HANDEYSIDE ("Respondent") has been advised of the right to receive a NOTICE OF INTENTION TO PROHIBIT FROM FURTHER PARTICIPATION ("NOTICE") issued by the Federal Deposit
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   Insurance Corporation ("FDIC") detailing the violation of law or regulation, 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 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 violation of law or regulation, 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) The Respondent has engaged or participated in a violation of law, unsafe or unsound banking practices and/or breaches of fiduciary duty as an institution-affiliated party of the NORTHWOODS STATE BANK, ELCHO, WISCONSIN ("Bank");

   (b) By reason of such violation, practices and/or breaches of fiduciary duty, the interests of the Bank's depositors have been or could be prejudiced; and

   (c) Such violation, practices and/or breaches of fiduciary duty involve personal dishonesty on the part of the Respondent.

   The FDIC further determined that such violation, 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. Colin C. Handeyside 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 30th day of August, 2001.

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