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FDIC Takes Disciplinary Action Against Former Massachusetts Banker
The Federal Deposit Insurance Corporation (FDIC) has reached agreement on a civil money penalty with Kenneth B. Osborn.
Osborn was an officer of Benjamin Franklin Savings Bank, Franklin, MA.
Osborn consented to a $25,000 penalty without admitting or denying culpability. The FDICís actions are based on allegations that Osborn engaged in negligent conduct in connection with the bankís equity investment portfolio.
Osborn resigned from the bank.
The order is attached.
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nationís banking system. The FDIC insures deposits at the nationís 9,182 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 Ė 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 FDICís Public Information Center (877-275-3342 or (703) 562-2200).
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