Fed action to permanently bar former bank employee

The Federal Reserve Board has announced that it is seeking to permanently bar Raysos Villalobos, a/k/a Ray Galvan, a former employee of Frost Bank, San Antonio, Texas, from employment in the banking industry and to impose a $9,819 fine and require a payment of $35,000 in restitution to Frost Bank. The former personal banker is alleged to have misappropriated approximately $30,000 from a bank customer's safe deposit box. The Board's notice of enforcement action alleges that Villalobos’ conduct constituted violations of law and unsafe or unsound banking practices.