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[¶12,145] In the Matter of Linda G. Cameron, First State Bank, Parkin,
Arkansas, Docket No. 02-209e (2-11-04).
Respondent is prohibited from participating in the conduct of affairs
of, or exercising voting rights in, any insured institution without the
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
LINDA G. CAMERON,
individually, and as an institution-affiliated party of
FIRST STATE BANK
PARKIN, ARKANSAS
(Insured State Nonmember Bank)
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
FDIC-02-209e
Linda G. Cameron ("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, 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'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 violations, 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 violations,
unsafe or unsound banking practices, and/or breaches of fiduciary duty
as an institution-affiliated party of the FIRST STATE BANK, PARKIN,
ARKANSAS ("Bank");
(b) By reason of such violations, practices, and/or breaches of
fiduciary duty, the Bank has suffered financial loss or other damage;
and
(c) Such violations, practices, and/or breaches of fiduciary duty
involve personal dishonesty on the part of 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 violations, practices,
and/or breaches of fiduciary duty demonstrate the Respondent's
unfitness to serve as a director, officer, or 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:
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ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
1. LINDA G. CAMERON 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 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 this 11th day of February, 2004.