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[¶11,880] In the Matter of Edward P. Mattar III, Bestbank, Boulder, Colorado,
Docket No. 98-110e (12-27-01).
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
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In the Matter of
EDWARD P. MATTAR, III,
T. ALAN BOYD
and JACK O.GRACE,
individually and as institution-affiliated parties of
BESTBANK
BOULDER, COLORADO
(Insured State Nonmember Bank)
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
FDIC-98-110e
EDWARD P. MATTAR, III ("Respondent") has received a NOTICE
OF INTENTION TO PROHIBIT FROM FURTHER PARTICIPATION ("NOTICE")
issued by the Federal Deposit Insurance Corporation ("FDIC")
detailing the 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'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 unsafe or unsound
banking practices, and/or any 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 engaged or participated in unsafe or unsound
banking practices and/or breaches of fiduciary duty as an
institution-affiliated party of the BestBank, Boulder, Colorado
("Bank");
(b) By reason of such practices and/or breaches of fiduciary duty, the
Bank suffered financial loss or other damage, the interests of the
Bank's depositors were prejudiced and/or Respondent received financial
gain or other benefit; and
(c) Such practices and/or breaches of fiduciary duty involved personal
dishonesty on the part of the Respondent or demonstrated the
Respondent's willful and/or continuing disregard for the safety or
soundness of the Bank.
The FDIC further determined that such 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 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).
The FDIC, therefore, accepted the CONSENT AGREEMENT and issued the
following:
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
1. Edward P. Matter, III 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 27th day of December, 2001.