FDIC ISSUES ENFORCEMENT ACTIONS
AGAINST ILLINOIS BANKERS AND DIRECTORS
FOR IMMEDIATE RELEASE PR-80-2003 (8-28-2003)
Media Contact: David Barr (202) 898-6992
The Federal Deposit Insurance Corporation (FDIC) has imposed civil money penalties on four current and former officers and directors of Savanna-Thomson State Bank, Thomson, Illinois.
Consent Orders to pay Civil Money Penalties of $5,000 each were issued against current bank board member Cheryl Parker and former bank board member John Brigham, while current directors Robert Froehlich and Michael Grothusen were ordered to pay penalties of $2,000 each. They consented to the orders without admitting or denying culpability. The FDIC alleges that the four engaged in risky lending practices.
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 9,314 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 via the World Wide Web at www.fdic.gov and may also be obtained through the FDIC's Public Information Center (877-275-3342 or (703) 562-2200).