Freeland State Bank

The FDIC issued an Order of Assessment of Civil Money Penalty to Freeland State Bank, directing the payment of a $3,600 CMP for engaging "in a pattern or practice of committing violations of the FDPA and/or the notice requirements under section 1364 of the National Flood Insurance Act of 1968" and/or Part 339 of the FDIC's Rules and Regulations. The bank was found to have failed to obtain adequate flood insurance at the time of the origination for two loans, and to have failed to follow force placement flood insurance procedures for one loan.