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[¶12,028] In the Matter of Friends Bank, New Smyrna Beach, Florida, Docket No.
02-194k (3-20-03).
Respondents agree to pay civil money penalty assessed by the FDIC in
the amount of $900.
In the Matter of
FRIENDS BANK
NEW SMYRNA BEACH, FLORIDA
(Insured State Nonmember Bank)
ORDER TO PAY CIVIL MONEY PENALTY
FDIC-02-194k
FRIENDS BANK, NEW SMYRNA BEACH, FLORIDA ("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")
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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 Procedures, 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 $900.00 related to
its failure to maintain adequate flood insurance on 9 of 38 loans
secured by improved real estate in areas determined by the Director of
the Federal Emergency Management Agency to have special flood hazards
and originated since the Bank opened for business on May 15, 2000. 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 $900.00 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.
ORDER TO PAY
IT IS HEREBY ORDERED that FRIENDS BANK, NEW SMYRNA BEACH,
FLORIDA be, and hereby is, assessed a civil money penalty of $900.00,
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 20th day of March, 2003.