Former Gunnison Valley Bank party fined and banned
Gunnison, UT
Fine Amount:
$15,000
Penalty Type:
Issued by:
Paul Scott Andersen, a former institution-affiliated party of Gunnison Valley Bank, Gunnison, Utah (merged into State Bank of Southern Utah, Cedar City, Utah) was issued an FDIC combined consent order of prohibition and order to pay a $100,000 civil money penalty after a finding, which Andersen 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.
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