[¶11,852] In the Matter of Doyce G. Payne, Cornerstone Community Bank,
Chattanooga, Tennessee, Docket No. 00-048k (10-11-01).
Respondent agrees to pay civil money penalty assessed by the FDIC in
the amount of $5,000.
In the Matter of
DOYCE G. PAYNE individually, and as an institution-affiliated
CORNERSTONE COMMUNITY BANK CHATTANOOGA, TENNESSEE (Insured State Nonmember Bank)
ORDER TO PAY
DOYCE G. PAYNE ("Respondent") has been advised of the right
to receive a NOTICE OF ASSESSMENT OF CIVIL MONEY PENALTIES,
FINDINGS OF FACT AND CONCLUSIONS OF LAW, ORDER TO PAY and NOTICE OF
HEARING ("NOTICE") issued by the Federal Deposit Insurance
Corporation ("FDIC"), detailing the violations for which a civil
money penalty may be assessed against the Respondent, pursuant to
Section 23A of the Federal Reserve Act, 12 U.S.C. Section 371c
("Section 23A") and Section 23B of the Federal Reserve Act, 12
U.S.C. Section 371c-1 ("Section 23B") 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. Section 1818(i), and the FDIC's Rules of
Practice and Procedures, 12 C.F.R. Part 308.
Having waived those rights, the Respondent entered into a
STIPULATION AND CONSENT TO THE ISSUANCE OF AN ORDER TO PAY CIVIL MONEY
PENALTY ("CONSENT AGREEMENT") with a representative of the Legal
Division of the FDIC, whereby solely for the purpose of this proceeding
and without admitting any violation of law for which civil money
penalties may be assessed, the Respondent consented and agreed to pay a
civil money penalty in the amount of $5,000.
The FDIC considered the matter and determined that it had reasons to
believe the Respondent had engaged or participated in violations of law
or regulation for which a civil money penalty of $5,000 is appropriate
to be assessed against the Respondent, pursuant to Section 8(i)(2) of
the Act, 12 U.S.C. Section 1818(i)(2).
The FDIC, therefore, accepted the CONSENT AGREEMENT and issued the
ORDER TO PAY CIVIL MONEY PENALTY
IT IS HEREBY ORDERED that a penalty of $5,000 be, and hereby
is, assessed against DOYCE G. PAYNE pursuant to Section 8(i)(2) of the
Act, 12 U.S.C. Section 1818(i)(2);
IT IS FURTHER ORDERED that DOYCE G. PAYNE shall pay said penalty, in
its entirety, within twenty (20) days of the issuance of the ORDER TO
IT IS FURTHER ORDERED that said penalty shall be paid in the form of a
check made payable to the Treasurer of the United States, pursuant to
Section 308.118 of the FDIC Rules and Regulations, 12 C.F.R. Section
IT IS FURTHER ORDERED that said check shall be sent to the
Federal Deposit Insurance Corporation at 5100 Poplar Avenue, Suite
1900, Memphis, Tennessee 38137.
Pursuant to delegated authority.
Dated at Washington, D.C. on this the 11th day of October, 2001.