FDIC ISSUES REMOVAL AND PROHIBITION ORDER AND
A CIVIL MONEY PENALTY AGAINST A TEXAS BANKER
FOR IMMEDIATE RELEASE PR-72-2002 (6-25-2002)
Media Contact: David Barr (202) 898-6992
The Federal Deposit Insurance Corporation (FDIC) has issued a removal and prohibition order and a civil money penalty of $2,500 against Vernon Beryl Murdock, Jr., formerly with the Kent County State Bank, Jayton, Texas.
The actions are based upon allegations that he engaged in violations of banking laws or regulations, unsafe and unsound banking practices, and breaches of his fiduciary duty to the bank. In agreeing to the orders, Mr. Murdock neither admitted nor denied having engaged in the alleged activities.
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 9,538 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).