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[¶12,110] In the Matter of Sharon C. Miles, Quad County State Bank, Viburnum,
Missouri, Docket No. 03-055e (10-10-03).
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
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[.2] Prohibition, Removal, or SuspensionProhibition FromVoting Rights, Exercise of
In the Matter of
SHARON C. MILES,
individually and as an institution-affiliated party of
QUAD COUNTY STATE BANK
VIBURNUM, MISSOURI
(Insured State Nonmember Bank)
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
FDIC-03-055e
Sharon C. Miles ("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 violations of law and regulations and/or
unsafe or unsound banking practices, and/or breaches of fiduciary duty
for which an ORDER 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 Rules of Practice and Procedure, 12 C.F.R. Part 308. Having waived
those rights, Respondent entered into a STIPULATION AND CONSENT TO THE
ISSUANCE OF AN ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
("CONSENT AGREEMENT"), whereby solely for the purpose of this
proceeding and without admitting or denying any violations of law and
regulations and/or unsafe or unsound banking practices, and/or breaches
of fiduciary duty, Respondent consented to the issuance of an ORDER by
the FDIC.
Upon due consideration, the FDIC determined it had reason to believe
that:
1. Respondent, as an institution-affiliated party of Quad County
State Bank, Viburnum, Missouri ("Bank"), engaged or participated
in violations of law and regulations, and/or unsafe or unsound banking
practices, and/or breaches of fiduciary duty, in connection with
transactions involving the bank.
2. By reason of such violations and/or practices, and/or breaches of
fiduciary duty, the Bank has suffered financial loss or other damage.
3. By reason of such violations and/or practices, and/or breaches of
fiduciary duty, the interests of the Bank's depositors have been or
could be prejudiced.
4. By reason of such violations and/or practices, and/or breaches of
fiduciary duty, Respondent has received financial gain or other
benefit.
5. Such violations and/or practices, and/or breaches of fiduciary duty
involve personal dishonesty on the part of the Respondent.
6. Such violations and/or practices, and/or breaches of fiduciary duty,
demonstrate the Respondent's willful and/or continuing disregard for
the safety or soundness of the Bank.
The FDIC further determined that such violations and/or 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, of any other insured depository institution, or of 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. Unless Respondent receives 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), Respondent is 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
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(d) voting for a director, or serving or acting as an
institution-affiliated party.
2. This ORDER will become effective ten (10) days after its
issuance. 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 at Washington, D.C., this 10th day of October, 2003.