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Bank director removed and fined $200,000

Amarillo, TX
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The FDIC has issued an adjudicated decision removing Cornelius Campbell Burgess, former president and CEO of Herring Bank, Amarillo, Texas, from the board of directors of that bank, prohibiting his further participation in the banking industry, and assessing a $200,000 civil money penalty. Following a hearing before an Administrative Law Judge (ALJ), who found that Burgess used the bank's cash, debit and credit cards for personal expenses for himself and his girlfriend, and attempted to appropriate dividends from stock of Mastercard and Visa owned by the bank to his own use, the ALJ recommended the prohibition and civil money penalty.

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