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FDIC issues supervisory PCA directive against Carnegie, Okla.-based Farmers Bank

The Federal Deposit Insurance Corp. on Dec. 27 released a list of administrative enforcement actions taken against banks and individuals in November. There are no administrative hearings scheduled for January 2020.

The following list excludes actions that do not meet criteria for S&P Global Market Intelligence's news coverage. Click here to view an Excel template showing our full database of enforcement actions against U.S. banks and thrifts.

Supervisory prompt corrective action directive

The FDIC on Nov. 8 issued a supervisory prompt corrective action directive against Carnegie, Okla.-based Farmers Bank, after determining the bank to be "significantly undercapitalized."

The regulator directed the Farmers Bancapital Corp. unit to raise its capital volume to the "adequately capitalized" category within 45 days of the effective date of the directive, among other stipulations. The directive also imposes restrictions on capital distributions and the compensation paid to current or former senior executive officers.

Prohibition order

On Nov. 21, the FDIC issued a prohibition order against Aaron Johnson, having determined that Johnson breached his fiduciary duty while he was president, CEO and vice chairman of Farmers Bank by intentionally causing the bank to pay for expenses that were charged to his personal credit card and which were for the benefit of himself or his family.

Johnson consented to the issuance of the order without admitting or denying any violations, unsafe or unsound banking practices or breaches of fiduciary duty.

Consent orders

On Nov. 19, the FDIC and the Kansas Office of the State Bank Commissioner issued a consent order against Quinter, Kan.-based KansasLand Bank, a unit of KansasLand Bancshares Inc. The bank consented to the issuance of the order without admitting or denying any charges of unsafe or unsound banking practices, or violations of law or regulations.

Among the stipulations of the order is that the bank must have and retain qualified management, including a new senior loan officer. The order also requires KansasLand Bank to eliminate from its books, by charge off or collection, all or portions of assets classified as "loss" in a June FDIC report of examination.

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The FDIC and the Illinois Department of Financial and Professional Regulation, Division of Banking, issued a consent order against Joliet, Ill.-based PeopleFirst Bank on Nov. 26. The bank consented to the issuance of the order without admitting or denying the charges of unsafe or unsound banking practices and violations of law or regulation relating to the Bank Secrecy Act.

Among other things, the order requires PeopleFirst Bank's board to develop, adopt and implement a revised written BSA compliance program within 90 days from the effective date of the enforcement action.

Termination of enforcement actions

On Nov. 18, the FDIC and the Kentucky Department of Financial Institutions terminated the consent order issued in May 2017 against Louisa, Ky.-based Louisa Community Bank.

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The FDIC on Nov. 18 also terminated the prompt corrective action directive issued in December 2008 against Commerce, Ga.-based First Covenant Bank.