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FDIC Enforcement Decisions and Orders |
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{{12-31-90 p.C-459}}
Institution-affiliated party prohibited from participation in the affairs of, or the exercise of voting rights in, any insured institution.
[.1] Prohibition, Removal, or SuspensionProhibitionInstitutionAffiliated Party
In the Matter of
George A. Switlyk ("Respondent"), having been advised of his right to a NOTICE OF INTENTION TO PROHIBIT FROM FURTHER PARTICIPATION ("NOTICE") issued by the Federal Deposit Insurance Corporation ("FDIC") detailing the unsafe or unsound practices, alleged to have been committed by Respondent, individually and as an institution-affiliated party of Citizens Bank of Tulsa, Tulsa, Oklahoma, ("Bank"), which, in the opinion of the FDIC, resulted in damage to the Bank, and which, in the opinion of the FDIC, demonstrated a willful or continuing disregard by Respondent for the safety and soundness of the Bank, and further evidenced Respondent's unfitness to participate in the conduct of the affairs of the Bank, or any other insured depository institution, and having been advised of his right to a hearing on the alleged charges pursuant to section 8(e) of the Federal Deposit Insurance Act ("Act"),
{{12-31-90 p.C-460}}12 U.S.C. § 1818(e), and Part 308 of the 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 April 12, 1990, whereby solely for the purpose of this proceeding and without admitting or denying any unsafe or unsound practices, Respondent consented to the issuance of an ORDER OF PROHIBITION FROM FURTHER PARTICIPATION ("ORDER") by the FDIC.
ORDER OF PROHIBITION FROM
[.1] 1. George A. Switlyk is hereby prohibited from serving or acting as an institution-affiliated party of Citizens Bank of Tulsa, Tulsa, Oklahoma, without the prior written approval of the FDIC.
[.2] 2. George A. Switlyk is hereby prohibited from serving or acting as an institution-affiliated party and/or from participating in any manner in the conduct of the affairs of any of the institutions or agencies, listed herein, without the prior written consent of the FDIC and of the appropriate Federal financial institutions regulatory agency pursuant to the provisions of section 8(e)(7) of the Act, 12 U.S.C. § 1818(e)(7):
[.4] 4. George A. Switlyk is hereby prohibited from voting for a director of any insured depository institution.
[.5] 5. George A. Switlyk is permitted to sell, transfer or otherwise dispose of all stock currently held by him in the Bank and any other institution, subject to applicable statutory and regulatory provisions. any provision of this ORDER shall have been modified, terminated, suspended, or set aside by the FDIC. |
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Last Updated 6/6/2003 | legal@fdic.gov |