[¶12,415] In the Matter of Colony Bank Worth, Sylvester, Georgia, Docket
No. 05-014k (6-7-05).
Respondent agrees to pay civil money penalty assessed by the FDIC in
the amount of $6,000.
In the Matter of
COLONY BANK WORTH SYLVESTER, GEORGIA (Insured State Nonmember Bank)
ORDER TO PAY
COLONY BANK WORTH, SYLVESTER, GEORGIA ("Bank"), has been
advised that a civil money penalty may be issued by the Federal Deposit
Insurance Corporation ("FDIC") only after notice and an
opportunity for a hearing on the record, pursuant to 42 U.S.C.
§4012a(f)(4), detailing the violations for which the 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's 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), and the FDIC's 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 ("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 $6,000 related to (a) its failure to secure or
maintain flood insurance on 15 out of 21 loans secured by improved real
estate located in areas determined by the Director of the Federal
Emergency Management Agency to be special
flood hazard areas and (b)
its failure to provide borrowers with notice as to whether flood
insurance was available for 15 of the 21 loans secured by property
located within the special flood hazard areas.
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 $6,000 is appropriate to
be assessed against the Bank, pursuant to the Flood Act, 42 U.S.C.
§4012a, and Part 339 of the FDIC's Rules and Regulations, 12 C.F.R.
The FDIC therefore accepts the CONSENT AGREEMENT and issues the following:
ORDER TO PAY
IT IS HEREBY ORDERED that COLONY BANK WORTH, SYLVESTER, GEORGIA,
be, and hereby is, assessed a civil money penalty of $6,000, pursuant
to the Flood Act, 42 U.S.C. §4012a, and Part 339 of the FDIC's
Rules and Regulations, 12 C.F.R. Part 339, the receipt of which is
This ORDER TO PAY shall be effective upon issuance.
Pursuant to delegated authority.
Dated at Washington, D.C., this 7th day of June, 2005.