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[¶11,830] In the Matter of Colin C. Handeyside, Northwoods State Bank, Elcho,
Wisconsin, Docket No. 00-126e (8-30-01)
Respondent prohibited from participating in the conduct of affairs of,
or exercising voting rights in, any insured institution without the
prior written approval of the FDIC.
[.1] Prohibition, Removal or SuspensionProhibition FromParticipation in
Conduct of Affairs
[.2] Prohibition, Removal or SuspensionProhibition FromVoting Rights,
Exercise of
In the Matter of
COLIN C. HANDEYSIDE,
individually, and as an
institution-affiliated
party of
NORTHWOODS STATE BANK
ELCHO, WISCONSIN
(Insured State Nonmember Bank)
ORDER OF PROHIBITION
FROM FURTHER PARTICIPATION
FDIC-00-126e
COLIN C. HANDEYSIDE ("Respondent") has been advised of the
right to receive a NOTICE OF INTENTION TO PROHIBIT FROM FURTHER
PARTICIPATION ("NOTICE") issued by the Federal Deposit
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Insurance Corporation ("FDIC") detailing the violation of law or
regulation, 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 charges under section 8(e) of the
Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(e), and
the FDIC's 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 violation of law or
regulation, unsafe or unsound banking practices and/or breaches of
fiduciary duty, 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 a violation of law,
unsafe or unsound banking practices and/or breaches of fiduciary duty
as an institution-affiliated party of the NORTHWOODS STATE BANK, ELCHO,
WISCONSIN ("Bank");
(b) By reason of such violation, practices and/or breaches of fiduciary
duty, the interests of the Bank's depositors have been or could be
prejudiced; and
(c) Such violation, practices and/or breaches of fiduciary duty involve
personal dishonesty on the part of the Respondent.
The FDIC further determined that such violation, practices and/or
breaches of fiduciary duty demonstrate the Respondent's unfitness to
serve as a director, officer, person participating in the conduct of
the affairs or as an institution-affiliated party of the Bank, 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 PROHIBITION
FROM FURTHER PARTICIPATION
1. Colin C. Handeyside is hereby, 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:
[.1] (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);
(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.
2. This ORDER will become effective upon its issuance by the FDIC. 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.
Pursuant to delegated authority.
Dated this 30th day of August, 2001.