Former Missouri CFO/director fined $10K

The OCC has issued a Consent Order for a $10,000 civil money penalty to be paid by Mark Perkins, former chief financial officer and director of First Community National Bank, Cuba, Missouri. It was also ordered that Perkins share a copy of the order with the president or CEO of any insured depository institution with which he may currently or in the future be an institution-affiliated party. Perkins neither admits nor denies the OCC's findings that:

• Between approximately March 2013 and July 2015, Perkins caused the bank to originate eight (8) loans to a bank customer and the customer’s related interests, and also authorized a $50,000 draw on a previously existing line of credit to the customer and related interests. The loans violated provisions of the bank’s lending policy and lacked proper credit analysis, adequate collateral, and board or management approvals. Following the termination of Perkins’ lending authority in approximately July 2015, Perkins subsequently approved repeated overdrafts on the customer’s accounts. Perkins' conduct related to the loans and overdrafts caused losses to the bank totaling approximately $95,500.
• By reason of the foregoing conduct, Perkins recklessly engaged in unsafe or unsound practices and breached his fiduciary duty to the bank. Such practices and breaches were part of a pattern of misconduct and caused more than a minimal loss to the bank.