[¶12,402] In the Matter of Berkshire Bank, Pittsfield, Massachusetts, Docket No.
Respondent agrees to pay civil money penalty assessed by the FDIC in
the amount of $3,000.
In the Matter of
BERKSHIRE BANK PITTSFIELD, MASSACHUSETTS (Insured State Nonmember Bank)
ORDER TO PAY CIVIL MONEY PENALTY
Berkshire Bank, Pittsfield, Massachusetts ("Bank") has been
advised of the right to receive a NOTICE OF ASSESSMENT OF CIVIL MONEY
PENALTY, FINDINGS OF FACT AND CONCLUSIONS OF LAW, AND NOTICE OF HEARING
("NOTICE") 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 ("Flood Act"), as amended, 42 U.S.C. §4012a,
section 8(i)(2) of the Federal Deposit Insurance Act ("FDI Act")
12 U.S.C. §1818(i)(2), and Part 339 of the FDIC Rules and
Regulations, 12 C.F.R. Part 339, and has been further advised of the
right to a hearing on the alleged charges under the Flood Act, 42
U.S.C. §4012a(f), section 8(i) of the FDI Act, 12 U.S.C.
§1818(i), and the FDIC Rules of Practice and Procedure, 12 C.F.R.
Having waived those rights, the Bank entered into a STIPULATION AND
CONSENT TO THE ISSUANCE OF AN ORDER TO PAY ("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 $3,000 due to Respondent's violation of 12 C.F.R.
§339 by failing to secure or maintain sufficient flood insurance for
fifteen of forty-one loans secured by properties in special flood
After taking into account the CONSENT AGREEMENT, the appropriateness of
the penalty with respect to the financial resources and good faith of
the Respondent, the gravity of the violations by the Respondent, the
history of previous violations by the Respondent, and such other
matters as justice may require, the FDIC accepts the CONSENT AGREEMENT
and issues the following:
ORDER TO PAY
IT IS HEREBY ORDERED, that by reason of the violations set forth
in paragraph 3 of the CONSENT AGREEMENT, a penalty of $3,000 be, and
hereby is, assessed against Respondent. The Respondent shall pay the
civil money penalty to the Treasury of the United States.
This Order to Pay shall be effective upon issuance.