FDIC Issues Removal and Prohibition Order
and Civil Money Penalty Against Former Arkansas Banker
FOR IMMEDIATE RELEASE PR-45-2004 (4-29-2004)
Media Contact: Frank Gresock 202-898-6634
The Federal Deposit Insurance Corporation (FDIC) issued a removal and prohibition order and imposed a $50,000 civil money penalty against Frank G. Wallace, the former president and a director of First State Bank, Parkin, AR.
Wallace consented to the orders without admitting or denying culpability. The FDIC's actions are based on allegations that Wallace misapplied funds and falsified and manipulated bank records.
Under the order, Wallace is prohibited from further participation in the banking industry without prior FDIC approval.
# # #
The orders are attached.
Docket No. FDIC-02-111e
Docket No. FDIC-02-112k
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 9,182 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 - 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).