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[¶11,874] In the Matter of Independence Bank, New Albany, Indiana, Docket No.
01-114k (12-18-01).
Respondent agrees to pay civil money penalty assessed by the FDIC in
the amount of $3,800.
In the Matter of
INDEPENDENCE BANK
NEW ALBANY, INDIANA
(Insured State Nonmember Bank)
ORDER TO PAY CIVIL MONEY PENALTY
FDIC-01-114k
Independence Bank, New Albany, Indiana ("Bank") has been
advised of the right to receive a NOTICE OF ASSESSMENT OF CIVIL MONEY
PENALTY, FINDINGS OF FACT AND CONCLUSIONS OF LAW, 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, 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 dated September 20,
2001, 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 $3,800.00 related to 10
loans in special flood hazard areas where no flood insurance was in
place and 3 loans in special flood hazard areas where inadequate flood
insurance was in place as identified in the September 14, 2000
Compliance Report of Examination.
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 $3,800.00 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.
ORDER TO PAY
IT IS HEREBY ORDERED that Independence Bank, New Albany, Indiana
be, and hereby is, assessed a civil money penalty of $3,800.00,
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.
This Order to Pay shall be effective upon issuance.
Pursuant to delegated authority.
Dated at Washington, D.C., this 18th day of December, 2001.