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Former TX bank president fined and banned

Naples, TX
05/13/2021
Fine Amount: 
$18,000
Penalty Type: 
Issued by: 

The OCC has issued a consent order to pay a civil money penalty of $18,000 and order of prohibition to Walter L. Cox Jr., former president and director of The Morris County National Bank of Naples, Naples, Texas (merged on 1/29/2021 into The City National Bank of Sulphur Springs, Sulphur Springs, Texas), having found that he, from 2015 through 2018, caused about 26 withdrawals totaling about $250,000 from the bank's Loans-in-Process suspense account and used the funds for his own benefit, as an interest-free line of credit, which he periodically repaid.

The OCC found that Cox violated provisions of Regulation O, including the $100,000 limit on extensions of credit to executive officers, and breached his fiduciary duty.

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