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[¶12,091] In the Matter of Joyce R. Touchette, American Commercial Bank, Ventura,
California, merged into and now known as Mid-State Bank & Trust, Arroyo
Grande, California, Docket No. 01-170e (9-3-03).
Respondent is prohibited from participating in the conduct of affairs
of, or exercising voting rights in, any insured institution without the
prior written approval of the FDIC.
[.1] Prohibition, Removal, or SuspensionProhibition FromParticipation in
Conduct of Affairs
[.2] Prohibition, Removal, or SuspensionProhibition FromVoting Rights,
exercise of
In the Matter of
JOYCE R. TOUCHETTE,
individually, and as an institution-affiliated party of
AMERICAN COMMERCIAL BANK
VENTURA, CALIFORNIA
MERGED INTO AND NOW KNOWN AS
MID-STATE BANK & TRUST
ARROYO GRANDE, CALIFORNIA
(Insured State Nonmember Bank)
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
FDIC-01-170e
Joyce R. Touchette ("Respondent") has been advised of the
right to receive a NOTICE OF INTENTION TO PROHIBIT FROM FURTHER
PARTICIPATION ("NOTICE") issued by the Federal Deposit Insurance
Corporation ("FDIC") detailing the unsafe or unsound banking
practices, and/or breaches of fiduciary duty for which an ORDER
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OF PROHIBITION FROM FURTHER PARTICIPATION ("ORDER") may issue, and
has been further advised of the right to a hearing on the alleged
charges under section 8(e) of the Federal Deposit Insurance Act
("Act"), 12 U.S.C. §1818(e), 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 OF PROHIBITION FROM FURTHER PARTICIPATION ("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 unsafe or unsound banking practices, and/or any breaches
of fiduciary duty, Respondent consented to the issuance of an ORDER by
the FDIC. The FDIC considered the matter and determined it had reason
to believe that:
(a) The Respondent has engaged or participated in unsafe or unsound
banking practices, and/or breaches of fiduciary duty as an
institution-affiliated party of the American Commercial Bank, Ventura,
California, merged into and now known as Mid-State Bank & Trust, Arroyo
Grande, California;
(b) By reason of such practices and/or breaches of fiduciary duty, the
Bank has suffered financial loss or other damage, and/or respondent
received financial gain or other benefit; and
(c) Such practices and/or breaches of fiduciary duty involve personal
dishonesty on the part of the respondent or demonstrate the
respondent's willful and/or continuing disregard for the safety or
soundness of the Bank.
The FDIC further determined that such practices and/or breaches of
fiduciary duty demonstrate the Respondent's unfitness to serve as a
director, officer, person participating in the conduct of the affairs
or as an institution-affiliated party of the Bank, any other insured
depository institution, or any other agency or organization enumerated
in section 8(e)(7)(A) of the Act, 12 U.S.C. §1818(e)(7)(A).
The FDIC, therefore, accepted the CONSENT AGREEMENT and issued the
following:
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
1. Joyce R. Touchette is hereby, without the prior written
approval of the FDIC and the appropriate Federal financial institutions
regulatory agency, as that term is defined in section 8(e)(7)(D) of the
Act, 12 U.S.C. § 1818(e)(7)(D), prohibited from:
[.1] (a) participating in any manner in the conduct of the affairs of any
financial institution or organization enumerated in section 8(e)(7)(A)
of the Act, 12 U.S.C. §1818(e)(7)(A);
[.2] (b) soliciting, procuring, transferring, attempting to transfer,
voting, or attempting to vote any proxy, consent or authorization with
respect to any voting rights in any financial institution enumerated in
section 8(e)(7)(A) of the Act, 12 U.S.C. §1818(e)(7)(A);
(c) violating any voting agreement previously approved by the
appropriate Federal banking agency; or
(d) voting for a director, or serving or acting as an
institution-affiliated party.
2. This ORDER will become effective upon its issuance by the FDIC.
The provisions of this ORDER will remain effective and enforceable
except to the extent that, and until such time as, any provision of
this ORDER shall have been modified, terminated, suspended, or set
aside by the FDIC.
Pursuant to delegated authority.
Dated this 3rd day of September, 2003.