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[¶11,966] In the Matter of Southwest Bank of St. Louis, St. Louis,
Missouri, Docket No. 02-072k (9-6-02)
Respondent agrees to pay civil money penalty assessed by the FDIC in
the amount of $10,000.
In the Matter of
SOUTHWEST BANK OF ST. LOUIS
ST. LOUIS, MISSOURI
(Insured State Nonmember Bank)
ORDER TO PAY CIVIL MONEY PENALTY
FDIC-02-072k
Southwest Bank of St. Louis, St. Louis, Missouri ("Bank")
has been advised of the right to receive a NOTICE OF ASSESSMENT OF
CIVIL MONEY PENALTY, 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 Bank
pursuant to the Flood Disaster Protection Act of 1973 ("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)(4),
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 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 or denying any violations, the Bank consented and
agreed to pay a civil money penalty in the amount of $10,000 related to
the violations of the Flood Act, 42 U.S.C. §4012a, and Part 339 of
the FDIC Rules and Regulations, 12 C.F.R. Part 339, cited at the
FDIC's December 5, 2001, examination, in that it has made, increased,
extended or renewed loans secured by a building or mobile home located
or to be located in a special flood hazard area without requiring that
the collateral be covered by flood insurance and it has failed to give
the requisite notice regarding flood hazards and flood insurance to
borrowers whose loans are secured by a building or mobile home located
or to be located in a special flood hazard area.
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 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.
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The FDIC, therefore, accepts the CONSENT AGREEMENT and issues the
following:
ORDER TO PAY CIVIL MONEY PENALTY
IT IS HEREBY ORDERED that the Bank be, and hereby is, assessed a
civil money penalty of $10,000 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 Civil Money Penalty shall be effective upon its
issuance.
Pursuant to delegated authority.
Dated at Washington, D.C., this 6th day of September, 2002.