Unsafe and unsound practices related to interest rate risk, strategic planning, capital, liquidity, and earnings have earned a Massachusetts bank a cease-and-desist order from the national bank regulator, the agency said Thursday.
According to the Office of the Comptroller of the Currency (OCC), 42 North Private Bank of Canton, Mass., has fallen out of compliance with a 2017 consent order it agreed to (when the bank’s name was Admirals Bank). That 2017 order covered unsafe or unsound practices related to credit administration, liquidity, earnings, and information technology.
“The OCC has determined that the Bank has attained compliance with some, but not all articles of the 2017 Order, and that new unsafe or unsound practices exist,” the agency wrote in its order.
The C&D order amends the 2017 consent agreement; the latest order is also a consent agreement with the bank.
In other enforcement actions announced by the OCC:
- It prohibited from further service in a federally insured financial institution Josiah Kennedy, former vice president and mortgage loan officer at Citizens Bank, N.A., Abilene, Texas, for making alleged “unauthorized draws on a customer’s construction loan and obtaining customers’ funds, totaling at least $59,000, for his personal benefit.”
- It prohibited Karla Vanderneut, a former assistant branch manager at an Earlville, N.Y., branch of NBT Bank, N.A. of Norwich, N.Y., for using a customer’s account to make alleged unauthorized cash withdrawals and debit card transactions totaling at least $16,000.
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