Source: https://www.scribd.com/document/1348677/US-Federal-Reserve-enf20070719a1
Timestamp: 2018-07-22 07:33:03
Document Index: 332662804

Matched Legal Cases: ['§ 1818', '§ 1813', '§ 1818', 'art 263', '§ 1818', '§ 1818', '§ 1818', '§ 1818', '§1818']

US Federal Reserve: enf20070719a1 | Federal Reserve System | United States Code
In the Matter of RICK W. BOUSE A Former Institution-Affiliated Party of Progress Bancshares, Inc. Sullivan, Missouri and Docket Nos. 06-018-E-I 06-018-B-I Order of Prohibition and Order to Cease and Desist Issued Upon Consent Pursuant to the Federal Deposit Insurance Act, as Amended
A Former Institution-Affiliated Party of Progress Bank of Missouri, Sullivan, Missouri
WHEREAS, pursuant to sections 8(b)(6), (e) and (i)(3) of the Federal Deposit Insurance Act, as amended, 12 U.S.C. §§ 1818(b)(6), (e) and (i)(3) (the "FDI Act"), the Board of Governors of the Federal Reserve System (the "Board of Governors") issues this Order of Prohibition and Order to Cease and Desist (the "Order") upon the consent of Rick W. Bouse ("Bouse"), a former institution-affiliated party, as defined in sections 3(u) and 8(b)(3) of the FDI Act, 12 U.S.C. §§ 1813(u) and 1818(b)(3), of Progress Bancshares, Inc. ("Progress"), Sullivan, Missouri, a registered bank holding company, and the former president, director and institution-affiliated party of Progress Bank of Missouri (the "Bank"), Sullivan, Missouri, a state chartered bank that is a member of the Federal Reserve System, relating to Bouse's alleged participation in unsafe and unsound practices and alleged breaches of fiduciary duty to Progress and the Bank involving the
Bank's granting of loans to allegedly unqualified and nominee borrowers, and the alleged use of Bank assets for purposes unrelated to the Bank's business. WHEREAS, by affixing his signature hereunder, Bouse has consented to the issuance of this Order by the Board of Governors and has consented to comply with each and every provision of this Order, and has waived any and all rights he might have pursuant to 12 U.S.C. § 1818 or 12 C.F.R. Part 263, or otherwise: (a) to the issuance of a notice of charges on any matter set forth in this Order; (b) to a hearing for the purpose of taking evidence with respect to any matter implied or set forth in this Order; (c) to obtain judicial review of this Order or any provision hereof; and (d) to challenge or contest in any matter the basis, issuance, validity, terms, effectiveness, or enforceability of this Order or any provision hereof. NOW, THEREFORE, prior to the taking of any testimony or adjudication of or finding on any issue of fact or law implied or set forth herein, and without this Order constituting a statement or admission by Bouse with respect to any allegation made or implied by the Board of Governors in connection with this proceeding, and solely for the purpose of settlement of this proceeding without protracted or extended hearings or testimony: IT IS HEREBY ORDERED, pursuant to sections 8(b)(6), 8(e), and 8(i)(3) of the FDI Act, 12 U.S.C. §§ 1818(b)(6), 1818(e), and 1818(i)(3), that: Prohibition from Banking 1. Bouse, without the prior written approval of the Board of Governors, and,
where necessary pursuant to section 8(e)(7)(B) of the FDI Act, 12 U.S.C.
§ 1818(e)(7)(B), the appropriate Federal financial institutions regulatory agency, is hereby and henceforth prohibited from: (a) participating in any manner in the conduct of the affairs of any
institution or agency specified in section 8(e)(7)(A) of the FDI Act, 12 U.S.C. § 1818(e)(7)(A), including, but not limited to, any depository institution or any depository institution holding company; (b) soliciting, procuring, transferring, attempting to transfer, voting or
attempting to vote any proxy, consent, or authorization with respect to any voting rights in any institution described in section 8(e)(7)(A) of the FDI Act; (c) banking agency; or (d) voting for a director, or serving or acting as an institution-affiliated violating any voting agreement previously approved by any federal
party, such as an officer, director or employee in any institution described in section 8(e)(7)(A) of the FDI Act. Affirmative Action Pursuant to 12 U.S.C. § 1818(b)(6) 2. Bouse agrees, in the event that loan # xxxxxxxx-1221, an outstanding
mortgage loan originated by the Bank on or about December 21, 2004 (the "Loan"), becomes ninety (90) days or more delinquent as to principal or interest payments, Bouse will purchase the Loan from the Bank for the outstanding principal balance plus any unpaid interest within thirty (30) days of receipt of a written notice from the Bank certifying that the Loan is ninety (90) days or more delinquent.
All communications regarding this Order shall be addressed to: (a) Timothy A. Bosch Vice President Banking Supervision and Regulation Division 1421 Dr. Martin Luther King Drive St. Louis, Missouri 63106-3716 (b) Rick W. Bouse 721 Iroquois Trail Sullivan, Missouri 63080
Any violation of this Order shall separately subject Bouse to appropriate
civil or criminal penalties or both under sections 8(i) and (j) of the FDI Act, 12 U.S.C §§1818(i)and (j). 5. The provisions of this Order shall not bar, estop, or otherwise prevent the
Board of Governors, or any Federal or state agency or department from taking any other action affecting Bouse; provided, however, that the Board of Governors shall not take any further action against Bouse based upon information presently known by the Board of Governors relating to the matters addressed by this Order. 6. Each provision of this Order shall remain fully effective and enforceable
until expressly stayed, modified, terminated, or suspended in writing by the Board of Governors. By order of the Board of Governors of the Federal Reserve System, effective this18thday of July, 2007. Signed by Jennifer J. Johnson, Secretary of the Board
Signed by Rick W. Bouse From Board of Governors of the Federal Reserve System
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