{{8-31-03 p.C-5776}}
[¶12,058] In the Matter of West Gate Bank, Lincoln, Nebraska, Docket No.
03-040k (6-11-03).
Respondent agrees to pay civil penalty assessed by the FDIC in the
amount of $16,400.
In the Matter of
WEST GATE BANK
LINCOLN, NEBRASKA
(Insured State Nonmember Bank)
ORDER TO PAY CIVIL MONEY PENALTY
FDIC-03-040k
West Gate Bank, Lincoln, Nebraska ("Bank"), has been advised
of its 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 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, and Part 339 of the FDIC Rules and Regulations, 12 C.F.R.
Part 339 ("Part 339"), and has been further advised of its right
to a hearing on the alleged charges under the Flood Act, 42 U.S.C.
§4012a(f)(4), and Part 308 of 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 $16,400 related to
the violations of the Flood Act and Part 339. The FDIC has reason to
believe that the Bank has violated the Flood Act and Part 339 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: (a) be covered by flood
insurance; (b) be covered by flood insurance for the term of the loan;
and (c) be covered by sufficient flood insurance, which violations were
cited at the FDIC's October 1, 2002, examination.
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 $16,400 is appropriate
to be assessed against the Bank, pursuant to the Flood Act and Part
339.
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 $16,400 pursuant to the Flood Act and Part 339,
the receipt of which is acknowledged.
This ORDER TO PAY CIVIL MONEY PENALTY shall be effective upon issuance.
Pursuant to delegated authority.
Dated at Washington, D.C., this 11th day of June, 2003.