FDIC ISSUES REMOVAL AND PROHIBITION ORDER
AGAINST A FORMER LOUISIANA BANKER
FOR IMMEDIATE RELEASE PR-128-2003 (12-18-2003)
Media Contact: Frank Gresock 202-898-6634
The Federal Deposit Insurance Corporation (FDIC) in October issued a removal and prohibition order against James W. Thibodaux, Jr.
Thibodaux was a former director and president of the failed Farmers Bank & Trust of Cheneyville, Cheneyville, LA.
He consented to the order without admitting or denying culpability. The FDIC’s action is based on allegations that Thibodaux falsified bank records to conceal problem loans, which led to the bank’s failure in December 2002.
Under the order, Thibodaux is prohibited from further participation in the banking industry without prior FDIC approval.
The order is attached.
Docket No. FDIC-03-135e
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 9,237 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 (877-275-3342 or (703) 562-2200).