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Former Chicago bank president pays $5K CMP

Chicago, IL
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The OCC has issued a Consent Order directing that Edward Fitzgerald, former president of The National Republic Bank of Chicago, Chicago, Illinois, pay a civil money penalty of $5,000 and be barred from the banking industry, after finding that Fitzgerald caused the bank to make fraudulent loan transactions; permitted a customer to maintain frequent, continuous and large overdrafts without adequate controls; illegally influenced the results of apprisals and othersise engaged in violations of law, regulation and order, recklessly engaged in unsafe or unsound practices, and breached his fiduciary duty to the bank, causing significant losses to the bank.

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