[¶12,513] In the Matter of David M. Callahan, Smithfield State Bank of
Smithfield, Pa., Smithfield, Pennsylvania, Docket No. 05-075k
Respondent agrees to pay civil money penalty assessed by the FDIC in
the amount of $5,000.
In the Matter of
DAVID M. CALLAHAN,
individually, and as an institution-affiliated party of
SMITHFIELD STATE BANK OF SMITHFIELD, PA. SMITHFIELD, PENNSYLVANIA (Insured State Nonmember Bank)
ORDER TO PAY
David M. Callahan ("Respondent") and a representative of the
Legal Division of the Federal Deposit Insurance Corporation
("FDIC") executed a STIPULATION AND CONSENT TO THE ISSUANCE OF AN
ORDER TO PAY ("CONSENT AGREEMENT") dated October 17, 2005,
whereby Respondent, solely for the purpose of this proceeding and
without admitting or denying any unsafe or unsound banking practice
and/or breach of fiduciary duty for which civil money penalties may be
assessed, consented and agreed to pay civil money penalties in the
amount specified below to the Treasurer of the United States.
After taking into account the CONSENT AGREEMENT, the appropriateness of
the penalty with respect to the financial resources and good faith of
Respondent, the gravity of the conduct by Respondent, the history of
previous conduct by Respondent,
and such other matters as justice may
require, the FDIC accepts the CONSENT AGREEMENT and issues the
ORDER TO PAY
IT IS HEREBY ORDERED, that by reason of the unsafe or unsound
banking practices and/or breaches of fiduciary duty set forth in
paragraph 3 of the CONSENT AGREEMENT, a penalty of FIVE THOUSAND
DOLLARS ($5,000) be, and hereby is, assessed against David M. Callahan.
The Respondent shall pay the civil money penalty to the Treasurer of
the United States.
IT IS FURTHER ORDERED that the Respondent is prohibited from seeking or
accepting indemnification from any insured depository institution for
the civil money penalty assessed and paid in this matter.
This Order to Pay shall be effective upon issuance.
Pursuant to delegated authority.
Dated at Washington, D.C., this 10th day of January, 2006.