[¶11,876] In the Matter of The Peoples State Bank, Ellettsville, Indiana, Docket
No. 01-084k (12-20-01).
Respondent agrees to pay civil money penalty assessed by the FDIC in
the amount of $10,000.
In the Matter of
THE PEOPLES STATE BANK ELLETTSVILLE, INDIANA (Insured State Nonmember Bank)
ORDER TO PAY CIVIL MONEY PENALTY
The Peoples State Bank, Ellettsville, Indiana ("Bank")
has been advised of the right to receive a NOTICE OF ASSESSMENT OF
CIVIL MONEY PENALTY, FINDINGS OF FACT AND CONCLUSIONS OF LAW, 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 Bank pursuant to the
Flood Disaster Protection Act ("Flood Act"), as amended, 42
U.S.C. §4012a, section 8(i)(2) of the Federal Deposit Insurance Act
("FDI Act") 12 U.S.C. §1818(i)(2), and Part 339 of the FDIC
and Regulations, 12 C.F.R. Part 339, and has been further advised
of the right to a hearing on the alleged charges under the Flood Act,
42 U.S.C.§4012a(f), section 8(i) of the FDI Act, 12 U.S.C.
§1818(i), and the FDIC Rules of Practice and Procedure, 12 C.F.R.
Having waived those rights, the Bank entered into a STIPULATION AND
CONSENT TO PAY CIVIL MONEY PENALTY ("AGREEMENT") with a
representative of the Legal Division of the FDIC dated September 20,
2001, whereby solely for the purpose of this proceeding and without
admitting or denying any violations, the Bank consented and agreed to
pay a civil money penalty in the amount of $10,000.00 related to 176
loans where the flood determination was made after the loan was closed
and the funds were extended, 172 loans where no determination had been
performed, and 26 loans in special flood hazard areas where no flood
insurance was in place and no notice was provided to the borrowers in
13 of the 26 loans as identified in the December 19, 2000 Compliance
Report of Examination.
The FDIC considered the matter and determined it had reason to believe
that the Bank has engaged or participated in violations of law or
regulations for which a civil money penalty of $10,000.00 is
appropriate to be assessed against the Bank, pursuant to the Flood Act,
42 U.S.C. §4012a, section 8(i)(2) of the FDI Act, 12 U.S.C.
§1818(i)(2), and Part 339 of the FDIC Rules and Regulations, 12
C.F.R. Part 339.
ORDER TO PAY
IT IS HEREBY ORDERED that The Peoples State Bank,
Ellettsville, Indiana be, and hereby is, assessed a civil money penalty
of $10,000.00, pursuant to the Flood Act, 42 U.S.C. §4012a, section
8(i)(2) of the FDI Act, 12 U.S.C. §1818(i)(2), and Part 339 of the
FDIC Rules and Regulations, 12 C.F.R. Part 339, the receipt of which is
This Order to Pay shall be effective upon issuance.
Pursuant to delegated authority.
Dated at Washington, D.C., this 20th day of December, 2001.