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[¶12,235] In the Matter of Michelle D. Walling, Rock Hill Bank and Trust, Rock
Hill, South Carolina, Docket Nos. 04-088e, 04-089k (7-6-04).
Respondent is prohibited from participating in the conduct of affairs
of, or exercising voting rights in, any insured institution without the
prior written approval of the FDIC. Respondent also agrees to pay civil
money penalty assessed by the FDIC in the amount of $5,000.
[.1] Prohibition, Removal, or SuspensionProhibition fromParticipation in Conduct of Affairs
[.2] Prohibition, Removal, or SuspensionProhibition FromVoting Rights, exercise of
In the Matter of
MICHELLE D. WALLING,
individually and as an institution-affiliated party of
ROCK HILL BANK AND TRUST
ROCK HILL, SOUTH CAROLINA
(Insured State Nonmember Bank)
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION AND ORDER TO PAY A CIVIL MONEY PENALTY
FDIC-04-088e
FDIC-04-089k
Michelle D. Walling ("Respondent") has been advised of the
right to receive a NOTICE OF INTENTION TO PROHIBIT FROM FURTHER
PARTICIPATION ("NOTICE") and a NOTICE OF ASSESSMENT OF A CIVIL
MONEY PENALTY, FINDINGS OF FACT AND CONCLUSIONS OF LAW ("NOTICE OF
ASSESSMENT") issued by the Federal Deposit Insurance Corporation
("FDIC") detailing the unsafe or unsound banking practices for
which an ORDER OF PROHIBITION FROM FURTHER PARTICIPATION and an ORDER
TO PAY A CIVIL MONEY PENALTY may be issued, and has been further
advised of the right to a hearing on the alleged charges under sections
8(e) and 8(i) of the Federal Deposit Insurance Act ("Act"), 12
U.S.C. §§ 1818(e) and 1818(i), and the FDIC's 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 AND AN ORDER TO PAY A 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 unsafe or unsound
banking practices. Respondent consented to the issuance of an ORDER OF
PROHIBITION FROM FURTHER PARTICIPATION AND ORDER TO PAY A CIVIL MONEY
PENALTY ("ORDER") by the FDIC.
The FDIC considered the matter and determined it had reason to believe
that:
(a) Respondent has recklessly engaged or participated in the unsafe
or unsound banking practices set forth in paragraph 4 of the Consent
Agreement as an institution-affiliated party of Rock Hill Bank and
Trust, Rock Hill, South Carolina (the "Bank");
(b) By reason of such unsafe or unsound banking practices the Bank has
suffered or will probably suffer financial loss or other damage, the
interests of the Bank's depositors have been or could be prejudiced,
and/or Respondent received financial gain or other benefit; and
(c) Such unsafe or unsound banking practices involve personal
dishonesty on the part of Respondent or demonstrate Respondent's
willful and/or continuing disregard for the safety or soundness of the
Bank.
The FDIC further determined that such unsafe or unsound banking
practices demonstrate Respondent's unfitness to serve as a director,
officer, person participating in the conduct of the affairs or as an
institution-affiliated party of the Bank, any other insured depository
institution, or any other agency or organization enumerated in section
8(e)(7)(A) of the Act, 12 U.S.C. §1818(e)(7)(A).
Therefore, after taking into account the CONSENT AGREEMENT; the
appropriateness of the civil money penalty with respect to the
financial resources and good faith of Respondent; the gravity of the
unsafe or unsound
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banking practices by Respondent; the history of
previous unsafe or unsound banking practices by Respondent; and such
other matters as justice may require, the FDIC accepts the CONSENT
AGREEMENT and issues the following:
ORDER OF PROHIBITION FROM FURTHER PARTICIPATION AND ORDER TO PAY A CIVIL MONEY PENALTY
1. IT IS HEREBY ORDERED, that Respondent, 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), 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.
2. IT IS HEREBY FURTHER ORDERED that by reason of the unsafe or
unsound banking practices set forth in paragraph 4 of the CONSENT
AGREEMENT, a civil money penalty in the amount of FIVE THOUSAND DOLLARS
($5,000) be, and hereby is assessed against Respondent. Respondent
shall pay the civil money penalty to the Treasury of the United States;
and Respondent is prohibited from seeking or accepting indemnification
from any insured depository institution for the civil money penalty
assessed and paid in this matter.
3. This ORDER will become final and effective upon its issuance by the
FDIC. The provisions of this ORDER will remain effective and
enforceable except to the extent that, and until such time as, any
provision of this ORDER shall have been modified, terminated,
suspended, or set aside by the FDIC.
Pursuant to delegated authority.
Dated this 6th day of July, 2004.