Press Releases FDIC Takes Disciplinary Action
Against Former Kansas Banker
FOR IMMEDIATE RELEASE PR-47-2004 (4-29-2004)
Media Contact: Frank Gresock 202-898-6634
The Federal Deposit Insurance Corporation (FDIC) reached agreement on a civil money penalty with Roger A. Flax.
Flax was a director and executive vice president of Citizens State Bank, Morland, KS.
Flax consented to a $7,500 penalty without admitting or denying culpability. The FDIC’s actions are based on allegations that loans were made and attributed to Flax which violated regulations on loans to bank insiders.
# # #
The order is attached.
Docket No. FDIC-03-209k
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).