[¶15,890] Docket No. FDIC-90-260e (7-19-94)
In the Matter of
WILLIAM H. AROWOOD
individually, and as president,
director, and a person participating in
the conduct of the affairs of
ELBERT M. COOPER, JR.
individually, and as a director
and a person participating in the
conduct of the affairs of
ANDERSON COUNTY BANK
(Insured State Nonmember Bank)
WHEREAS, a Notice of Intention to Prohibit from Further Participation ("Notice") was issued on January 14, 1991, by the Federal Deposit Insurance Corporation ("FDIC") against William H. Arowood and Elbert M. Cooper, Jr. ("Respondents"), as former directors and persons participating in the conduct of the affairs of Anderson County Bank, Clinton, Tennessee ("Bank"), under section 8(e) of the Federal Deposit Insurance Act ("FDI Act"), 12 U.S.C. § 1818(e), based upon allegations that Respondents breached their fiduciary duties as directors of the Bank; and WHEREAS, in 1991, Respondents were convicted for bank fraud related crimes which involved dishonesty or a breach of trust; and
WHEREAS, section 19 of the FDI Act, 12 U.S.C. § 1829, governs the bank fraud related crimes for which the Respondents were convicted, and prohibits Respondents Arowood and Cooper from participating in the conduct of the affairs of any insured depository institution without the prior written approval of the FDIC; and
WHEREAS, FDIC Enforcement Counsel filed an unopposed motion seeking termination of this proceeding because the proceeding is no longer needed and would be an unnecessary expenditure; and
WHEREAS, the Administrative Law Judge issued a Recommended Order granting FDIC Enforcement Counsel's Motion for Recommended Order Terminating the Proceeding.
NOW, THEREFORE, the Board of Directors of the FDIC having considered the record and the applicable law, finds and concludes that this proceeding is DISMISSED without prejudice.
By direction of the Board of Directors.
Dated at Washington, D.C., this 19th day of July, 1994.