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[¶12,071] In the Matter of Jason W. Amundson, Sterling State Bank, Austin,
Minnesota, Docket No. 02-137e (7-31-03).
Respondent prohibited from participating in the conduct or affairs of,
or exercising voting rights in, any insured institution without the
prior written approval of the FDIC.
[.1] Prohibition, Removal or Suspension—Prohibition
From—Participation in Conduct of Affairs
[.2] Prohibition, Removal or Suspension—Prohibition From—Voting
Rights, Exercise of
In the Matter of
JASON W. AMUNDSON,
individually and as an institution-affiliated party of
STERLING STATE BANK
AUSTIN, MINNESOTA
(Insured State Nonmember Bank)
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
FDIC-02-137e
Jason W. Amundson ("Respondent") has been advised of his
right to receive a NOTICE OF INTENTION TO PROHIBIT FROM FURTHER
PARTICIPATION ("NOTICE") issued by the Federal
Deposit
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Insurance Corporation ("FDIC"), detailing the
unsafe or unsound practices and breaches of fiduciary duty for which an
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION ("ORDER OF
PROHIBITION") may be issued, and has been further advised of his
right to a hearing on those charges under section 8(e) of the Federal
Deposit Insurance Act ("Act"), 12 U.S.C. §1818(e), 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 OF PROHIBITION FROM FURTHER PARTICIPATION
("CONSENT AGREEMENT"), whereby solely for the purpose of this
proceeding and without admitting or denying any unsafe or unsound
practices or breaches of fiduciary duty, Respondent consented to the
issuance of an ORDER OF PROHIBITION by the FDIC.
Upon due consideration, the FDIC determined it had reason to believe
that:
A. Respondent has engaged or participated in unsafe or unsound
practices and breaches of his fiduciary duty in connection with
Sterling State Financial, Inc. ("SSFI"), a wholly-owned
subsidiary of Sterling State Bank, Austin, Minnesota ("Bank");
B. by reason of such unsafe or unsound practices and breaches of
fiduciary duty, SSFI has suffered financial loss, Respondent has
received financial gain, and the interests of the Bank's depositors
have been prejudiced; and
C. such unsafe or unsound practices and breaches of fiduciary duty
involve personal dishonesty on the part of Respondent and demonstrate
Respondent's willful and continuing disregard for the safety or
soundness of SSFI and the Bank.
The FDIC further determined that such unsafe or unsound practices,
and breaches of fiduciary duty demonstrate Respondent's unfitness to
serve as a director, officer, person participating in the conduct
of the affairs, or institution-affiliated party of any insured
depository institution or of any other agency or organization
enumerated in section 8(e)(7)(A) of the Act, 12 U.S.C.
§1818(e)(7)(A).
The FDIC, therefore, accepts the CONSENT AGREEMENT and issues the
following:
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION
1. Jason W. Amundson is prohibited from:
[.1] (a) participating in any manner in the conduct of the affairs of any
financial institution or organization enumerated in section 8(e)(7)(A)
of the Act, 12 U.S.C. §1818(e)(7)(A);
[.2] (b) soliciting, procuring, transferring, attempting to transfer,
voting, or attempting to vote any proxy, consent or authorization with
respect to any voting rights in any financial institution enumerated in
section 8(e)(7)(A) of the Act, 12 U.S.C. §1818(e)(7)(A);
(c) violating any voting agreement previously approved by the
appropriate Federal banking agency; or
(d) voting for a director, or serving or acting as an
institution-affiliated party;
without the prior written approval of the FDIC and the
appropriate Federal financial institutions regulatory agency, as that
term is defined in section 8(e)(7)(D) of the Act, 12 U.S.C.
§1818(e)(7)(D).
2. This ORDER OF PROHIBITION shall be effective immediately upon
issuance and shall remain effective and enforceable until, and except
to the extent it is, modified, terminated, suspended, or set aside by
the FDIC.
Pursuant to delegated authority.
Dated this 31st day of July, 2003.
