FDIC ISSUES ENFORCEMENT ACTION
AGAINST PENNSYLVANIA BANK TRUSTEES
FOR IMMEDIATE RELEASE PR-97-2003 (10-2-2003)
Media Contact: Frank Gresock 202-898-6634
The Federal Deposit Insurance Corporation (FDIC) has imposed civil money penalties on seven current trustees of United-American Savings Bank, Pittsburgh, PA.
Consent Orders to pay Civil Money Penalties of $1,000 each were issued against current bank board members Thomas J. Gmiter, Mary Ann Guernsey, Theodore E. Javorsky, Michael Kostko, Edward A. Savikas, Marian J. Speicher, and Leonard P. Wanzco. They consented to the orders without admitting or denying culpability. The FDIC alleges that the seven breached their fiduciary duties.
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The orders are attached.
Docket No. FDIC-03-083k
Docket No. FDIC-03-084k
Docket No. FDIC-03-085k
Docket No. FDIC-03-086k
Docket No. FDIC-03-087k
Docket No. FDIC-03-088k
Docket No. FDIC-03-089k
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 9,267 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).