[¶11,963] In the Matter of The Bank/First Citizens Bank, Cleveland,
Tennessee, Docket No. 02-064k (8-28-02).
Respondent agrees to pay civil money penalty assessed by the FDIC in
the amount of $1,800.
In the Matter of
THE BANK/FIRST CITIZENS BANK CLEVELAND, TENNESSEE (Insured State Nonmember Bank)
ORDER TO PAY
THE BANK/FIRST CITIZENS BANK, CLEVELAND, TENNESSEE
("Bank"), has been advised that a penalty under this subsection
may be issued only after notice and an opportunity for a hearing on the
record, pursuant to 42 U.S.C. §4012a(f)(4), may be 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 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), 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 $1,800.00 related to its failure to secure flood
insurance on 9 loans secured by real estate or mobile homes located in
areas determined by the Director of the Federal Emergency Management
Agency to have special flood hazards, and originated since the
examination on August 25, 1997.
The FDIC considered the matter and determined that 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 $1,800.00 is
appropriate to be assessed against the Bank, pursuant to the Flood Act,
42 U.S.C. §4012a, and Part 339 of the FDIC Rules and Regulations, 12
C.F.R. Part 339.
ORDER TO PAY
IT IS HEREBY ORDERED, that THE BANK/FIRST CITIZENS BANK,
CLEVELAND, TENNESSEE, be, and hereby is, assessed a civil money penalty
of $1,800.00, pursuant to the Flood Act, 42 U.S.C. §4012a, and Part
339 of the FDIC Rules and Regulations, 12 C.F.R. Part 339, the receipt
of which is hereby acknowledged.
This Order to Pay shall be effective upon issuance.
Pursuant to delegated authority.
Dated at Washington, D.C., this 28th day of August, 2002.