NC banker prohibited and assessed $35K penalty
The FDIC has issued Stipulated Orders for removal and prohibition and assessment of a $35,000 civil money penalty to Donald C. Lancaster, a former institution-affiliated party of Union Bank & Trust Company, Oxford, North Carolina.
The FDIC determined that, while vice president and chief banking officer of the bank, Lancaster made a loan of $105,126 to a nominee borrower and, without authority, released the nominee from liability on the loan, resulting in a loss to the bank of $105,087. The Order prohibits Lancaster from participating in any manner in the conduct of the affairs of any financial institution or certain other organizations. It also assesses the $35,000 CMP.