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Farmers & Merchants pays for flood insurance violations

Milford, NE
Fine Amount: 
Issued by: 

The FDIC has issued a consent order for the payment of a civil money penalty of $24,000 to Farmers and Merchants Bank, Milford, Nebraska, after finding that the bank:

  • Made, increased, extended, or renewed loans secured by a building or mobile home located or to be located in a special flood hazard area without requiring that the collateral be covered by flood insurance; and
  • Failed to comply with proper procedures for force-placing flood insurance in instances where the collateral was not covered by flood insurance at some time during the term of the loan.

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