FDIC ISSUES REMOVAL AND PROHIBITION ORDER
AGAINST FORMER MINNESOTA BANKER
FOR IMMEDIATE RELEASE PR-82-2003 (8-28-2003)
Media Contact: David Barr (202) 898-6992
The Federal Deposit Insurance Corporation (FDIC) has issued a removal and prohibition order against Jason W. Amundson. Amundson was a manager at the Lakeville branch of Sterling State Financial, Inc (SSFI), a wholly owned subsidiary of Sterling State Bank, Austin, Minnesota.
Amundson consented to the order without admitting or denying culpability. The FDIC's action is based on allegations that during 1999, Amundson misappropriated funds and falsified bank records.
Amundson is prohibited from further participation in the banking industry without FDIC approval.
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).