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[¶12,003] In the Matter of The Peoples Bank of Bullitt County, Shepherdsville,
Kentucky, Docket No. 02-120k (12-17-02).
Respondent agrees to pay civil money penalty assessed by the FDIC in
the amount of $9,800.
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In the Matter of
THE PEOPLES BANK OF BULLITT COUNTY
SHEPHERDSVILLE, KENTUCKY
(Insured State Nonmember Bank)
ORDER TO PAY
FDIC-02-120k
THE PEOPLES BANK OF BULLITT COUNTY, SHEPHERDSVILLE, KENTUCKY
("Respondent"), 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 Respondent 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 been 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, Respondent entered into a STIPULATION AND
CONSENT TO THE ISSUANCE OF AN ORDER TO PAY 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, Respondent
consented and agreed to pay a civil money penalty in the amount of
$9,800.00 related to Respondent's violation of 12 C.F.R. Part 339.3 by
failing to secure or maintain flood insurance on 28 mortgage loans
secured by improved real estate located in areas determined by the
Director of the Federal Emergency Management Agency to have special
flood hazards, and Respondent's violation of 12 C.F.R. Part 339.3 in
21 mortgage loans secured by improved real estate located in areas
determined by the Director of the Federal Emergency Management Agency
to have special flood hazards by failing to notify borrowers of the
availability of flood insurance.
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 $9,800.00 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 PEOPLES BANK OF BULLITT COUNTY,
SHEPHERDSVILLE, KENTUCKY, be, and hereby is, assessed a civil money
penalty of $9,800.00, 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 17th day of December, 2002.