FEDERAL DEPOSIT INSURANCE CORPORATION

WASHINGTON, D.C.

AND

COMMONWEALTH OF KENTUCKY

DEPARTMENT OF FINANCIAL INSTITUTIONS

FRANKFORT, KENTUCKY

       
)
 
In the Matter of
)
STIPULATION AND CONSENT
 
)
TO THE ISSUANCE OF A
FIRST FEDERAL SAVINGS BANK OF
)
CONSENT ORDER
ELIZABETHTOWN
)
 
ELIZABETHTOWN,KENTUCKY
)
FDIC-10-817b
 
)
 
(Insured State Nonmember Bank)
)
   
)
 

 
Subject to the acceptance of this STIPULATION AND CONSENT TO THE ISSUANCE OF A
CONSENT ORDER ("STIPULATION") by the Federal Deposit Insurance Corporation
("FDIC") and the Commonwealth of Kentucky, Department of Financial Institutions
(“DFI”), it is hereby stipulated and agreed by and among representatives of the
FDIC, the DFI and First Federal Savings Bank of Elizabethtown, Elizabethtown,
Kentucky ("Bank") as follows:
 
1.           The Bank has been advised of its right to receive a NOTICE OF
CHARGES AND OF HEARING ("NOTICE") detailing the unsafe and unsound banking
practices and violations of law, rule or regulation alleged to have been
committed by the Bank and of its right to a hearing on the charges under section
8(b) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818(b), and
under section 286.3-690 of the Kentucky Revised Statutes, Ky. Rev. Stat. Ann. §
286.3-690 (Michie 2006), regarding hearings before the DFI, and has knowingly
waived that right.

 
 

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2.           The Bank, solely for the purpose of this proceeding and without
admitting or denying any of the charges of unsafe or unsound banking practices
and violations of law, rule or regulation, hereby consents and agrees to the
issuance of a CONSENT ORDER ("ORDER") by the FDIC and DFI.
 
3.           The Bank further stipulates and agrees that such ORDER shall be
deemed to be a consent order which has become final and unappealable, and that
the ORDER shall become effective upon its issuance by the FDIC and the DFI and
fully enforceable by the FDIC and the DFI pursuant to the provisions of section
8(i) of the Act, 12 U.S.C. § 1818(i), and under section 286.3-690 of the
Kentucky Revised Statutes, Ky. Rev. Stat. Ann. § 286.3-690 (Michie 2006),
respectively, subject only to the conditions set forth in paragraph 4 of this
STIPULATION.
 
4.           In the event the FDIC and the DFI accept this STIPULATION and issue
the ORDER, it is agreed that no action to enforce the ORDER will be taken by the
FDIC in the United States District Court or the appropriate Federal Circuit
Court or by the DFI in the appropriate State Circuit Court unless the Bank, any
Bank institution-affiliated party, as that term is defined in section 3(u) of
the Act, 12 U.S.C. § 1813(u), or any of its successors or assigns, has violated
or is about to violate any provision of the ORDER.

 
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5.           The Bank hereby waives:
 
(a)           The receipt of a NOTICE;
 
(b)           All defenses and counterclaims of any kind to this proceeding;
 
(c)           A hearing for the purpose of taking evidence on the allegations in
the NOTICE;
 
(d)           The filing of proposed findings of fact and conclusions of law;
 
(e)           A recommended decision of an Administrative Law Judge; and
 
(f)           Exceptions and briefs with respect to such recommended decision.
 
Dated this 18th day of January, 2011.

FEDERAL DEPOSIT INSURANCE
 
FIRST FEDERAL SAVINGS BANK OF
CORPORATION,
 
ELIZABETHTOWN
LEGAL DIVISION
 
ELIZABETHTOWN, KENTUCKY
     
By:
 
By:
     
/s/ Erin O. Gallaher
 
/s/ Robert M. Brown
Erin O. Gallagher
 
Robert M. Brown
Senior Regional Attorney
 
Director
Federal Deposit Insurance
   
Corporation
       
/s/ Walter D. Huddleston
And,
 
Walter D. Huddleston
   
Chairman of the Board

 
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COMMONWEALTH OF KENTUCKY,
 
/s/ B. Keith Johnson
DEPARTMENT OF FINANCIAL
 
B. Keith Johnson
INSTITUTIONS
 
Chief Executive Officer

 
/s/ Charles A. Vice
   
Charles A. Vice
   
Commissioner
 
/s/ Diane E. Logsdon
   
Diane E. Logsdon
   
Director
         
/s/ Stephen Mouser
   
Stephen Mouser
   
Director
         
/s/ John L. Newcomb
   
John L. Newcomb
   
Director
         
/s/ J. Alton Rider
   
J. Alton Rider
   
Director
         
/s/ Donald M. Scheer
   
Donald M. Scheer
   
Director
         
/s/ Gail L. Schomp
   
Gail L. Schomp
   
Director
         
/s/ Michael L. Thomas
   
Michael L. Thomas
   
Director
         
Comprising the Board of
   
Directors of
   
FIRST FEDERAL SAVINGS BANK OF
   
ELIZABETHTOWN
   
ELIZABETHTOWN, KENTUCKY

 
 
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