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Former WI bank director to pay $1.7 million

Waupaca, WI
Fine Amount: 
$100K CMP and $1.6M restitutoin
Penalty Type: 
Issued by: 

The OCC has issued Archie G. Overby, former director, officer and employee of First National Bank, Waupaca, Wisconsin, on order of prohibition banning Overby from participating, etc., in the affairs of any insured depository institution, credit union, etc;, without prior approval of the OCC and an institution's appropriate Federal prudential regulator; an order to pay $1,600,000 in restitution to the Bank on or before the sale of his shares of stock in the bank's holding company; and an order to pay a civil money penalty of $100,000. The order included a provision barring the discharge of his civil money penalty or restitution obligations in bankruptcy.

The March 24 order follows a June 30, 2016, Notice of Charges for Prohibition and Restitution and Notice of Assessment of Civil Money Penalty, alleging that Overby "recklessly engaged in unsafe or unsound practices in conducting the affairs of the Bank and/or breached his fiduciary duties to the Bank. Respondent also acted with personal dishonesty and a willful and continuing disregard for the safety or soundness of the Bank that constituted a pattern of misconduct, during an extended period of time, that caused the Bank loss and from which he received a benefit. Specifically, the OCC alleged that Overby abused his position by causing the bank to pay his personal expenses during the years 2010 through 2013 totaling at least $1,620,514 without having obtained approval from the bank's board of directors for those payments. (According to the Notice, in October 2012, Overby charged to his bank-issued personal credit card $236,251 in personal expenses when he, his wife, six additional family members, and a bank director and her husband traveled to Tanzania.)

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