{{4-30-03 p.C-5684}}
[¶12,017] In the Matter of Yadkin Valley Bank and Trust, Elkin, North Carolina,
Docket No. 02-172k (2-5-03).
Respondent agrees to pay civil money penalty assessed by the FDIC in
the amount of $4,000.
In the Matter of
YADKIN VALLEY BANK AND TRUST
ELKIN, NORTH CAROLINA
(Insured State Nonmember Bank)
ORDER TO PAY CIVIL MONEY PENALTY
FDIC-02-172k
YADKIN VALLEY BANK AND TRUST, ELKIN, NORTH CAROLINA
("Respondent"), 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 issued by the Federal
Deposit Insurance Corporation ("FDIC") detailing the violations
for which a civil money penalty may be assessed against the Respondent
pursuant to section 8(i)(2) of the Federal Deposit Insurance Act
("Act"), 12 U.S.C. §1818(i)(2), section 305 of the Home
Mortgage Disclosure Act ("HMDA"), 12 U.S.C. §2804, and section
203.6 of Regulation C of the Board of Governors of the Federal Reserve
System, 12 C.F.R. §203.6, and has been further advised of the right
to a hearing on the alleged charges under section 8(i) of the Act, 12
U.S.C. §1818(i), 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 TO PAY CIVIL
MONEY PENALTY ("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 Respondent
consented and agreed to pay a civil money penalty in the amount of
$4,000, related to the Respondent's inaccurate submission of the
application and loan data for calendar year 2000 as required by HMDA.
The FDIC considered the matter and determined it had reason to believe
that the Respondent has engaged or participated in violations of law or
regulation for which a civil money penalty of four thousand dollars
($4,000) is appropriate to be assessed against the Respondent.
The FDIC, therefore, accepted the AGREEMENT and issued the following:
ORDER TO PAY CIVIL MONEY PENALTY
IT IS HEREBY ORDERED that the Respondent be, and hereby is,
assessed a civil money penalty of $4,000 pursuant to section 8(i)(2) of
the Act, 12 U.S.C. §1818(i)(2), the receipt of which is hereby
acknowledged.
Pursuant to delegated authority.
Dated at Washington, D.C., this 5th day of February, 2003.