Former Utah banker pays $75K penalty and is prohibited

Stephen Buchanan, a former institution-affiliated party of Gunnison Valley Bank, Gunnison, Utah (now merged into State Bank of Southern Utah, Cedar City, Utah), received a combined FDIC consent order of prohibition and order to pay a $75,000 civil money penalty, after a determination, which Buchanan neither admits nor denies, that he manipulated overdrafts at Gunnison Valley Bank, Gunnison, Utah, which caused the bank to file false or misleading Call Reports, concealing the bank’s true financial condition from the FDIC, and led to the near-failure of the bank.