[¶11,293] In the Matter of Fred B. Bullard Jr., Florida State Bank, Holiday, Fla., Docket No. FDIC-95-51e (5-24-96)
Respondent 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] ProhibitionParticipation in Conduct of Affairs
[.2] ProhibitionExercise of Voting Rights
In the Matter of
FRED B. BULLARD, JR., individually,
and as an institution-affiliated
FLORIDA STATE BANK
(Insured State Nonmember Bankin
ORDER OF PROHIBITION
FRED B. BULLARD, JR. ("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 the violations, 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 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, 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 engaged or participated in violations and unsafe or unsound banking practices as an institution-affiliated party of the Florida State Bank, Holiday, Florida;
(b) By reason of such violations and practices, Respondent received financial gain or other benefit; and
(c) Such violations and practices demonstrate the Respondent's willful and/or continuing disregard for the safety or soundness of the Bank.
The FDIC further determines that such violations and practices demonstrate the Respondent's inability to serve as a director, officer, person participating in the conduct of the affairs or as an institution-affiliated party of any 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).1
1 Subsection (b)(8), as referenced in section 8(e)(7)(A)(ii), has been redesignated as subsection (b)(9).
The FDIC, therefore, accepts the CONSENT AGREEMENT and issues the following:
ORDER OF PROHIBITION FROM
[.1] 1. Fred B. Bullard, Jr. is jereby, 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:
(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);
2. This ORDER does not prohibit Fred B. Bullard, Jr. from being a borrower from any insured depository institution.
(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.
3. This ORDER will become effective ten (10) days after 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 24th day of May, 1996
Pursuant to delegated authority.