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FDIC Enforcement Decisions and Orders

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{{7-31-92 p.C-2316}}
   [10,543] In the Matter of R. Wade Caskey, Milton Tri-County Bank, Milton, West Virginia, Peoples Bank of Richwood, Richwood, West Virginia, Docket No. FDIC-91-400e (5-26-92).

   Respondent removed from office and prohibited from participating in the conduct of affairs of, or exercising voting rights in, any insured institution without the prior consent of the FDIC.
   [.1] Removal
   [.2] Prohibition—Participation in Conduct of Affairs
   [.3] Prohibition—Exercise of Voting Rights
In the Matter of
R. WADE CASKEY, individually,
and as an institution-affiliated party of
MILTON TRI-COUNTY BANK
MILTON, WEST VIRGINIA
(NOW KNOWN AS COMMERCE
BANK,
HUNTINGTON, NATIONAL
ASSOCIATION
,
HUNTINGTON, WEST VIRGINIA)
and
PEOPLES BANK OF RICHWOOD,
INC.

RICHWOOD, WEST VIRGINIA
(Insured State Nonmember Banks)
ORDER OF REMOVAL FROM
OFFICE AND PROHIBITION FROM
FURTHER PARTICIPATION

   R. Wade Caskey ("Respondent"), having been advised of his right to receive a NOTICE OF INTENTION TO REMOVE FROM OFFICE AND PROHIBIT FROM FURTHER PARTICIPATION ("NOTICE") issued by the Federal Deposit Insurance Corporation ("FDIC") detailing the violations of law and regulation and/or unsafe or unsound banking practices for which an ORDER OF REMOVAL FROM OFFICE AND PROHIBITION FROM FURTHER PARTICIPATION ("ORDER") may issue, and having been further advised 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 the FDIC's Rules of Practices and Procedure, 56 Fed. Reg. 37,968 (1991) (to be codified at 12 C.F.R. Part 308), and having waived those rights, entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF AN ORDER OF REMOVAL FROM OFFICE AND 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 and/or unsafe or unsound banking practices, 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 participated in violations of law or regulations and/or unsafe or unsound banking practices as an institution-affiliated party of Milton TriCounty Bank, Milton, West Virginia ("Milton") (now known as Commerce Bank, Huntington, National Association, Huntington, West Virginia), and the Peoples Bank of Richwood, Inc., Richwood, West Virginia ("Richwood") (Milton and Richwood sometimes collectively referred to herein as "the Banks");
       (b) By reason of such violations and/or practices, Milton has suffered and Richwood has suffered or will probably suffer financial loss and/or Respondent has received "other benefit", within the meaning of section 8(e)(1)(B)(iii) of the Act, 12 U.S.C. § 1818(e)(1)(B)(iii); and
       (c) Such violations and/or practices demonstrate the Respondent's continuing dis-
{{4-30-94 p.C-2317}}regard for the safety or soundness of the Banks.
   The FDIC further determined that such violations and/or practices demonstrate the Respondent's unfitness to serve as a director, officer, person participating in the conduct of the affairs of, or an institution-affiliated party of the Banks, 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 REMOVAL FROM OFFICE
AND PROHIBITION FROM FURTHER
PARTICIPATION

   [.1] 1. R. Wade Caskey is hereby removed as an institution-affiliated party of Richwood, and prohibited, with regard to the Banks, any other insured depository institution or any other agency or organization ("financial institution(s)") enumerated in section 8(e)(7)(A) of the Act, 12 U.S.C. § 1818(e)(7)(A), 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), from:

   [.2] (a) participating in any manner in the conduct of the affairs of any financial institution(s);

   [.3] (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(s);

       (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 of any financial institution(s).
   This ORDER will become effective thirty (30) days from 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.
   Dated this 26th day of May, 1992.
   Pursuant to delegated authority.

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