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Pioneer Community Bank, Inc.

Iaeger, WV
05/22/2017
Fine Amount: 
$52,750
Issued by: 

The FDIC issued the Bank an Order to Pay a $52,750 Civil Money Penalty, having determined that the Bank has engaged in a pattern or practice of committing violations of the FDPA and Part 339 of the FDIC Rules and Regulations, 12 C.F.R. Part 339, under section 1364 of the National Flood Insurance Act of 1968, 42 U.S.C. § 4104a. Specifically, the Bank violated Sections 339.3(a) and 339.9(a) of the FDIC Rules and Regulations, 12 C.F.R. § 339.3(a) and 12.C.F.R. § 339.9(a), by failing to (a) obtain flood
insurance prior to loan origination on 27 loans; (b) maintain adequate insurance coverage on six loans; and (c) provide the required notification on nine loans and timely notification on 16 loans.

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