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   [11,966] In the Matter of Southwest Bank of St. Louis, St. Louis, Missouri, Docket No. 02-072k (9-6-02)

   Respondent agrees to pay civil money penalty assessed by the FDIC in the amount of $10,000.

In the Matter of
SOUTHWEST BANK OF ST. LOUIS
ST. LOUIS, MISSOURI
(Insured State Nonmember Bank)
ORDER TO PAY CIVIL MONEY PENALTY

FDIC-02-072k

   Southwest Bank of St. Louis, St. Louis, Missouri ("Bank") has been advised of the right to receive a NOTICE OF ASSESSMENT OF CIVIL MONEY PENALTY, FINDINGS OF FACT AND CONCLUSIONS OF LAW, ORDER TO PAY, 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 of 1973 ("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)(4), 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 THE ISSUANCE OF AN ORDER TO PAY CIVIL MONEY PENALTY ("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, the Bank consented and agreed to pay a civil money penalty in the amount of $10,000 related to the violations of the Flood Act, 42 U.S.C. §4012a, and Part 339 of the FDIC Rules and Regulations, 12 C.F.R. Part 339, cited at the FDIC's December 5, 2001, examination, in that it has made, increased, extended or renewed loans secured by a building or mobile home located or to be located in a special flood hazard area without requiring that the collateral be covered by flood insurance and it has failed to give the requisite notice regarding flood hazards and flood insurance to borrowers whose loans are secured by a building or mobile home located or to be located in a special flood hazard area.

   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 $10,000 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.
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   The FDIC, therefore, accepts the CONSENT AGREEMENT and issues the following:

ORDER TO PAY CIVIL MONEY PENALTY

   IT IS HEREBY ORDERED that the Bank be, and hereby is, assessed a civil money penalty of $10,000 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 Civil Money Penalty shall be effective upon its issuance.

   Pursuant to delegated authority.

   Dated at Washington, D.C., this 6th day of September, 2002.

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