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[¶12,096] In the Matter of Senath State Bank, Senath, Missouri, Docket No.
03-100k (9-24-03).
Respondent agrees to pay civil money penalty assessed by the FDIC in
the amount of $25,500.
In the Matter of
SENATH STATE BANK
SENATH, MISSOURI
(Insured State Nonmember Bank)
ORDER TO PAY CIVIL MONEY PENALTY
FDIC-03-100k
Senath State Bank, Senath, Missouri ("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 ("NOTICE OF ASSESSMENT") 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 $25,500 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
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or to be located in a special flood hazard area
without: requiring that the collateral be covered by flood insurance;
requiring that the collateral be covered by flood insurance for the
term of the loan; requiring that the collateral be covered by
sufficient flood insurance; and notifying the borrower whether flood
insurance is available for the collateral, which violations were cited
at the FDIC's December 2, 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 $25,500 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
IT IS HEREBY ORDERED that the Bank be, and hereby is, assessed a
civil money penalty of $25,500 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 its
issuance.
Pursuant to delegated authority.
Dated at Washington, D.C., this 24th day of September, 2003.