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Bank of Odessa

Odessa, MO
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The FDIC has issued a Stipulate Order for a $5,500 civil money penalty to Bank of Odessa, Odessa, Missouri, for a pattern or practice of committing violations of the Flood Disaster Protection Act, the National Flood Insurance Act, and Part 339 of the FDIC's Rules and Regulations. Cited were:

  • two loans made, increased, extended or renewed and secured by a building or mobile home located or to be located in a special flood hazard area without requiring that the collateral be covered by flood insurance
  • one designated loan made, increased, extended or renewed without adequate flood insurance
  • three instances of allowing flood insurance to lapse during the term of a loan
  • one instance of failing to notify the borrower or servicer whether flood insurance is available for the collateral, which was located or to be located in a special flood hazard area
  • three failures to comply with proper procedures for force-placing flood insurance.

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