Florida banker banned and fined $50K
The FDIC has issued stipulated orders to assess a $50,000 civil money penalty and to prohibit from participation in the business affairs of any financial institution against THOMAS W. WILDER IV, the former president, CEO and board chairman of Bank of Jackson County (in receivership), Graceville, Florida.
The FDIC determined that, while president, CEO, and chairman of the board of the bank, Wilder operated a consumer finance company, which he owned personally, out of one of the Bank's branches from 2012 to 2013. Wilder utilized bank property and staff to operate the finance company without reimbursement to the bank, and he made loans from the finance company to Bank customers. Wilder's actions created a conflict of interest that was·not disclosed to the bank's board of directors as required by state law and the bank's July 27, 2010, Consent Order. In several instances, Wilder permitted the finance company to be repaid using overdrafts in customers' accounts at the bank. He also caused the release and sale of bank collateral without full repayment to the bank when a portion of the sale proceeds were being used to pay on a finance company loan.