[¶12,514] In the Matter of Fred A. Chipps, Smithfield State Bank of Smithfield,
Pa., Smithfield, Pennsylvania, Docket No. 05-076k (1-10-06).
Respondent agrees to pay civil money penalty assessed by the FDIC in
the amount of $10,000.
In the Matter of
FRED A. CHIPPS,
individually, and as an institution-affiliated party of
SMITHFIELD STATE BANK OF SMITHFIELD, PA. SMITHFIELD, PENNSYLVANIA (Insured State Nonmember Bank)
ORDER TO PAY
Fred A. Chipps ("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 July 29, 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 TEN THOUSAND DOLLARS
($10,000) be, and hereby is, assessed against Fred A. Chipps. The
Respondent shall pay the civil money penalty to the Treasurer of the
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.