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FDIC Enforcement Decisions and Orders

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[12,513] In the Matter of David M. Callahan, Smithfield State Bank of Smithfield, Pa., Smithfield, Pennsylvania, Docket No. 05-075k (1-10-06).

Respondent agrees to pay civil money penalty assessed by the FDIC in the amount of $5,000.

In the Matter of
individually, and as an institution-affiliated party of
(Insured State Nonmember Bank)


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,
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and such other matters as justice may require, the FDIC accepts the CONSENT AGREEMENT and issues the following:


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.

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Last Updated 5/5/2006

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