{{6-30-02 p.C-5411}}
[¶11,914] In the Matter of Roanoke Rapids Savings Bank, SSB, Roanoke Rapids,
North Carolina, Docket No. 02-021k (4-19-02).
Respondent agrees to pay civil money penalty assessed by the FDIC in
the amount of $2,150.
In the Matter of
ROANOKE RAPIDS SAVINGS BANK, SSB
ROANOKE RAPIDS, NORTH CAROLINA
(Insured State Nonmember Bank)
ORDER TO PAY CIVIL MONEY PENALTY
FDIC-02-021k
ROANOKE RAPIDS SAVINGS BANK, ROANOKE RAPIDS, NORTH CAROLINA
("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 Rules 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. Part 308.
Having waived those rights, the Bank entered into a STIPULATION
AND CONSENT TO ORDER TO PAY CIVIL MONEY PENALTY ("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
violations, the Bank consented and agreed to pay a civil money penalty
in the amount of $2,150 related to:
(a) the Bank's failure to secure or maintain
{{6-30-02 p.C-5412}}
flood insurance
on 2 of 9 applicable loans, between 1998 and 2000, secured by improved
real estate located in areas determined by the Director of the Federal
Emergency Management Agency ("FEMA") to have special flood
hazards;
(b) the Bank's failure to maintain flood insurance on 2 of 9
applicable loans, in 2000, secured by improved real estate located in
areas determined by the Director of FEMA to have special flood hazards;
(c) the Bank's failure to require the correct amount of flood
insurance on 2 of 9 applicable loans, in 2000, secured by improved real
estate located in areas determined by the Director of FEMA to have
special flood hazards;
(d) the Bank's failure to perform a flood hazard determination on 36
of 260 applicable loans;
(e) the Bank's failure to perform a flood hazard determination prior
to consummation on 15 of 224 applicable loans;
(f) the Bank's failure to document flood hazard determinations on the
Standard Flood Hazard Determination Form on 139 of 224 applicable
loans; and
(g) the Bank's failure to escrow flood insurance premiums on 1
of 1 applicable loans.
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 $2,150 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 ROANOKE RAPIDS SAVINGS BANK, SSB,
ROANOKE RAPIDS, NORTH CAROLINA be, and hereby is, assessed a civil
money penalty of $2,150, 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 acknowledged.
This Order to Pay shall be effective upon its issuance.
Pursuant to delegated authority.
Dated at Washington, D.C., this 19th day of April, 2002.