[¶11,514A] In the Matter of Hagerstown Trust Company, Hagerstown, Maryland, Docket
No. 98-041k (6-8-98)
Respondent agrees to pay civil money penalty assessed by the FDIC in
the amount of $2,000.
In the Matter of
HAGERSTOWN TRUST COMPANY HAGERSTOWN, MARYLAND (Insured State Nonmember Bank)
ORDER TO PAY CIVIL MONEY PENALTY
Hagerstown Trust Company, Hagerstown, Maryland ("Bank"), has
been advised of the right to receive a NOTICE OF ASSESSMENT OF CIVIL
MONEY PENALTY, FINDINGS OF FACT AND CONCLUSIONS OF LAW, ORDER TO PAY,
AND NOTICE OF HEARING ("NOTICE") issued by the FDIC, assessing a
civil money penalty pursuant to section 8(i)(2) of the Federal Deposit
Insurance Act ("Act"), 12 U.S.C. §1818(i)(2), section 305 of
the Home Mortgage Disclosure Act, 12 U.S.C. §2804, and section 203.6
of Regulation C of the Board of Governors of the Federal Reserve
System, 12 C.F.R. §203.6, and has been further advised of the right
to a hearing on the alleged charges under section 8(i) of the Act, 12
U.S.C. §1818(i), and the FDIC's Rules of Practice and Procedure, 12
C.F.R. Part 308.
Having waived those rights, the Bank entered into a STIPULATION AND
CONSENT TO THE ISSUANCE OF AN ORDER TO PAY CIVIL MONEY PENALTY
("STIPULATION") 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 of law and/or regulation,
the Bank consented and agreed to pay a civil money penalty in the
amount of ($2,000.00).
The FDIC considered the matter and determined it had reason to believe
that the Bank has engaged or participated in violations of law and/or
regulations for which a civil money penalty of two thousand dollars
($2,000.00) is appropriate to be assessed against the Bank pursuant to
section 8(i)(2) of the Act, 12 U.S.C. §1818(i)(2).
After taking into account said STIPULATION, the appropriateness of the
respect to the financial resources and good faith of the
Bank, the gravity of the violations by the Bank, the history of
previous violations by the Bank, and such other matters as justice may
require, the FDIC accepts the STIPULATION and issues the following:
ORDER TO PAYCIVIL MONEY PENALTY
IT IS HEREBY ORDERED, that the Bank be, and hereby is, assessed a
civil money penalty of $2,000.00 pursuant to section 8(i)(2) of the
Act, 12 U.S.C. §1818(i)(2), the receipt of which is hereby
This ORDER shall be effective upon its issuance.
Pursuant to delegated authority.
Dated at Washington, D.C., this 8th day of June, 1998.