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Former West Virginia bank VP pays $25K CMP

Hurricane, WV
01/24/2018
Fine Amount: 
$25,000
Penalty Type: 
Issued by: 

The Board of Governors of the Federal Reserve System (Board) has issued a consent order to cease and desist and order for assessment of a civil money penalty to Jeffrey R. Davis, formerly vice-president of loans at Putnam County Bank, Hurricane, West Virginia. The Board found that Davis, while employed as vice-president of loans at the Bank, engaged in unsafe and unsound banking practices and breaches of fiduciary duty by extending credit in violation of the Bank’s loan policy, exceeding his authority, failing to disclose information to the Bank’s board, and failing to properly oversee several loans, which caused financial loss to the Bank; and that Davis was terminated by Putnam County Bank but was subsequently employed by another depository institution.

Prior to accepting any position that would cause David to become an institution-affiliated party, or upon execution of the order if he is at the time an institution-affiliated party, of any institution or agency described in 12 U.S.C. § 1818(e)(7)(A), Davis must provide the chief executive officer and the board of directors of the institution with notice and a copy of the Order, and must fully familiarize himself with the policies and procedures of the institution that pertain to his duties and responsibilities.

Davis was also ordered to pay $25,000 as a civil money penalty upon execution of the Order.

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