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Former Virginia bank president pays civil money penalty

Fincastle, VA
05/13/2020
Fine Amount: 
$15,000
Penalty Type: 
Issued by: 

John F. Kilby, former president, CEO and chairman of The Bank of Fincastle, Fincastle, Virginia, has been issued a consent order for the assessment of a $15,000 civil money penalty by the FDIC.

The FDIC found, and Kilby neither admits nor denies that in 2015 he --

  • misused an interest reseve account to cure an overdraft of a borrower whose loan was classified as substandard by the FDIC.
  • approved an unsecured nominee loan, the proceeds of which were used to pay off a previous loan and to pay business expenses for the same adversely classified borrower
  • directed bank personnel to repurpose a bank general ledger account to pay maintenance expenses for the adversely classified borrower in contravention of the Bank’s Memorandum of Understanding with the FDIC, which resulted in significant loss to the Bank.

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