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[¶12,241] In the Matter of Rosa O. Sullivan, Bank of Sierra Blanca, Sierra
Blanca, Texas, Docket No. 02-070e (7-14-04).
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
ROSA P. SULLIVAN,
individually, and as an institution-affiliated party of
BANK OF SIERRA BLANCA
SIERRA BLANCA, TEXAS
(Insured State Nonmember Bank In Receivership)
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
FDIC-02-070e
Rosa P. Sullivan ("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 any violations of law or
regulations, 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 engaged or participated in violations, unsafe or
unsound banking practices, and/or breaches of fiduciary duty as an
institution-affiliated
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party of the Bank of Sierra Blanca, Sierra
Blanca, Texas, In Receivership ("Bank");
(b) By reason of such violations, practices and/or breaches of
fiduciary duty, the Bank has suffered financial loss or other damage,
the interests of the Bank's depositors have been prejudiced, and the
Respondent received financial gain; and
(c) Such violations, practices and/or breaches of fiduciary duty
involve personal dishonesty on the part of the Respondent or
demonstrated 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, 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. Rosa P. Sullivan 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 immediately upon 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 14th day of July, 2004.