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Fed issues $14,000 penalty against Clear Mountain Bank


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Fed issues $14,000 penalty against Clear Mountain Bank

The Federal Reserve Board on Feb. 12 ordered the assessment of $14,000 against Clear Mountain Bank as a civil money penalty.

The regulator said the bank violated the National Flood Insurance Act. The penalty is payable to the National Flood Insurance Program, according to the enforcement action.

Clear Mountain Bank is a unit of State Bancorp Inc.