(Emmetsburg)– A former loan officer with a local bank has agreed to abide by terms of an order issued against him by the Federal Deposit Insurance Corporation, or FDIC. The officer at the time worked for Iowa Trust and Savings Bank in Emmetsburg. KUOO news has opted not to identify the man, as he has not been criminally charged as of now.
Kris Ausborn of Iowa Trust and Savings Bank says the investigation stemmed from a routine audit two years ago…Click here for comment from Kris Ausborn
A filing by the FDIC accuses the former loan officer of willfully violating state lending limit restrictions and concealing the true amount of credit extended to a borrower.
Ausborn says the loan officer immediately resigned. He has since agreed to terms of an FDIC consent order prohibiting from working in the future with any other financial institution. He’s also prohibited from voting for any officer in any financial institution.
As far as the bank’s customers are concerned, Ausborn had this to say…Click here for comment from Kris Ausborn Ausborn added the bank’s internal and regulatory safeguards were and continue to be effective.
Iowa Trust and Savings Bank has locations in Emmetsburg, Laurens and Cylinder, is a member of the FDIC, and is an equal housing lender.
