(This order was terminated by order of the FDIC dated 6-23-04; see ¶16,389.)
In the Matter of
METROBANK
INDIANAPOLIS, INDIANA
(Insured State Nonmember Bank)
ORDER TO PAY CIVIL MONEY PENALTY
FDIC-02-102k
METROBANK, INDIANAPOLIS, INDIANA, ("Bank") has been advised
that a penalty under this subsection may be issued only after notice
and an opportunity for a hearing on the record pursuant to 42 U.S.C.
§4012a(f)(4), may be 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 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) 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 July 30, 2002,
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 $2,780.00 related to engaging in a
pattern and practice of committing violations of Part 339 of the FDIC
Rules and Regulations, 12 C.F.R. Part 339, which implements section 102
of the Flood Act, 42 U.S.C. §4012a, between January 6, 1997 and
March 6, 2001, by: (1) failing to obtain flood insurance on 7 loans
secured by property located in a flood hazard area in which flood
insurance has been made available under the Flood Act, as required by
section 339.3(a) of the FDIC Rules and Regulations, 12 C.F.R.
§339.3(a); and (2) by failing to conduct flood insurance
determinations or by failing to conduct flood insurance determinations
prior to closing on 108 loans covered by the Flood Act, as required by
section 339.9 of the FDIC Rules and Regulations, 12 C.F.R. §339.9.
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 $2,780.00 is appropriate
to be assessed against the Bank, pursuant to the Flood Act, 42 U.S.C.
§4012a, and Part 339 of the FDIC Rules and Regulations, 12 C.F.R.
Part 339.
The FDIC therefore accepts the Consent Agreement and issues the
following:
ORDER TO PAY
IT IS HEREBY ORDERED that METROBANK, INDIANAPOLIS, INDIANA be,
and hereby is, assessed a civil money penalty of $2,780.00, pursuant to
the Flood Act, 42 U.S.C. §4012a, 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 24th day of October, 2002.