{{10-31-00 p.92.1}}
[¶10,018A] In the Matter of P. Jack
Wilhelmy, Community State Bank, Whiting, Iowa, Docket No. 89-13e
(11-7-89)
Respondent 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
P. JACK WILHELMY,
individually, and as an officer, director and person participating in the conduct of the affairs of
COMMUNITY STATE BANK
WHITING, IOWA
(Insured State Nonmember Bank in Receivership)
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
FDIC-89-13e
P. Jack Wilhelmy ("Respondent"), having been advised of his right to a
NOTICE OF INTENTION TO PROHIBIT FROM FURTHER PARTICIPATION issued by the
Federal Deposit Insurance Corporation ("FDIC"), detailing the unsafe or unsound
banking practices, violations of law, rule or regulation, and/or breaches of
fiduciary duty involving personal dishonesty and/or willful or continuing
disregard for safety and soundness alleged to have been committed by Respondent
individually and in his capacity as a director, officer and participant in the
conduct of the affairs of Community State Bank, Whiting, Iowa ("Bank"),
resulting in financial gain by Respondent, substantial financial loss and/or
other damage to the Bank, and/or serious prejudice to the interests of the
Bank's depositors, and of his 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 Part 308 of the FDIC's Rules of Practice and Procedures, 12 C.F.R.
Part 308, and having waived those rights, 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,
dated December 19, 1988, whereby solely for the purpose of this proceeding and
without admitting or denying any unsafe or unsound banking practices,
violations of law, rule or regulation, and/or breaches of fiduciary duty,
Respondent consented to the issuance of an ORDER OF PROHIBITION FROM FURTHER
PARTICIPATION ("ORDER") by the FDIC.
The FDIC considered the matter and determined that it had reason to
believe that Respondent had engaged or participated in unsafe or unsound
banking practices, violations of law, rules or regulations, and/or breaches of
fiduciary duty which involved Respondent's dishonesty or willful or continuing
disregard for the Bank's safety and soundness, which resulted in Respondent's
financial gain, substantial financial loss or other damage to the Bank, and/or
serious prejudice to the interests of the Bank's depositors, and which
evidenced Respondent's unfitness to serve as an officer or director or person
participating in the conduct of the affairs of any bank insured by the FDIC.
The FDIC, therefore, accepted the CONSENT AGREEMENT and issued the following:
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
[.1] 1. P. Jack Wilhelmy is hereby
prohibited from serving as an officer or director of, or participating in any
manner in the conduct of the affairs of, any bank insured by the FDIC, without
the prior written approval of the appropriate Federal banking agency, as that
term is defined in section 3(q) of the Act, 12 U.S.C. § 1813(q).
[.2] 2. P. Jack Wilhelmy is hereby prohibited from voting for a director of any
bank insured by the FDIC, without the prior written approval of the appropriate
Federal banking agency, as that term is defined in section 3(q) of the Act, 12
U.S.C. § 1813(q).
{{10-31-00 p.92.2}}
This ORDER shall become effective ten (10) days after the date of its
issuance.
The provisions of this ORDER shall 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 7th day of November, 1989.