FDIC IMPOSES CIVIL MONEY PENALTIES AGAINST FIVE OHIO BANKERS
FOR IMMEDIATE RELEASE PR-64-2002 (6-6-2002)
Media Contact: David Barr (202) 898-6992
The Federal Deposit Insurance Corporation (FDIC) has issued civil money penalties totaling $17,000 against five directors and officers of The Monitor Bank, Big Prairie, Ohio.
The actions are based upon allegations that the group engaged in violations of banking laws or regulations, unsafe and unsound banking practices, and breaches of their fiduciary duty to the bank. In agreeing to the orders, the bankers neither admitted nor denied having engaged in the alleged activities.
The five being fined are: Roger K. Gwin, a former Director of the bank, $5,000; James R. Smail, Chairman of the Board, $5,000; Joseph M. Wachtel, President, $5,000; John Barrington, an outside Director, $1,000; and Paul A. Miller, an outside Director, $1,000.
Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 9,613 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed. The FDIC receives no federal tax dollars - insured financial institutions fund its operations.
FDIC press releases and other information are available on the Internet at www.fdic.gov or through the FDIC's Public Information Center (800-276-6003 or (703) 562-2200).