In the Matter of MARK D. VAN EATON, individually, and as an officer, director, person participating in the conduct of the affairs and institution- affiliated party of WORTHINGTON STATE BANK WORTHINGTON,INDIANA
(Insured State Nonmember BankIn Receivership) ORDER TO CEASE AND DESIST FDIC-93-127b
The Federal Deposit Insurance Corporation ("FDIC"), on August 31, 1993 issued to Mark D. Van Eaton ("Respondent"), individually, and as an officer, director, person participating in the conduct of the affairs and institution-affiliated party of the Worthington State Bank, Worthington, Indiana ("Bank"), a NOTICE OF CHARGES AND OF HEARING ("NOTICE") pursuant to section 8(b) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(b). The NOTICE charged the Respondent with having engaged in unsafe or unsound banking practices. The Respondent thereafter entered into a STIPULATION AND CONSENT TO THE ISSUANCE OF AN ORDER TO CEASE AND DESIST ("CONSENT AGREEMENT") with counsel for the FDIC dated December 22, 1994, whereby, solely for the purpose of this proceeding and without admitting or denying the allegations in the NOTICE, the Respondent consented to the issuance of an ORDER TO CEASE AND DESIST ("ORDER") by the FDIC.
The FDIC considered the matter and determined that it had reason to believe that the Respondent had engaged in unsafe or unsound banking practices. The FDIC, therefore, accepted the CONSENT AGREEMENT and issued the following:
ORDER TO CEASE AND DESIST
IT IS HEREBY ORDERED, that the Respondent cease and desist from the unsafe or unsound banking practice of receiving excessive salary and bonuses.
[.1] IT IS FURTHER ORDERED, that within thirty days of the effective date of this ORDER the Respondent shall reimburse the Bank through its receiver, the FDIC, $15,000 for excessive salary and bonuses previously paid to the Respondent.
The effective date of this ORDER shall be 10 days after its issuance by the FDIC.
The provisions of this ORDER shall remain effective and enforceable except to the extent that, and until such time as, any provisions of this ORDER shall have been modified, terminated, suspended, or set aside by the FDIC.
Dated: March 7, 1995.
Pursuant to delegated authority.