FEDERAL DEPOSIT INSURANCE CORPORATION WASHINGTON, D.C.
FEDERAL
DEPOSIT INSURANCE CORPORATION
WASHINGTON,
D.C.
| ) | ||
| In the Matter of | ) |
STIPULATION
AND
CONSENT
|
| ) |
TO
THE ISSUANCE
OF
|
|
| EUROBANK | ) |
AN
ORDER TO
|
| XXXX XXX, PUERTO RICO | ) |
CEASE
AND
DESIST
|
| ) |
|
|
| (INSURED STATE NONMEMBER BANK) | ) |
FDIC-07-018b
|
|
|
) |
Subject
to the acceptance of this STIPULATION AND CONSENT TO THE ISSUANCE OF AN ORDER
TO
CEASE AND DESIST ("CONSENT AGREEMENT") by the Federal Deposit Insurance
Corporation ("FDIC"), it is hereby stipulated and agreed by and between a
representative of the Legal Division of the FDIC and Eurobank, Hato Rey, Puerto
Rico ("Insured Institution"), as follows:
1. The
Insured Institution has been advised of its right to receive a Notice of Charges
and of Hearing detailing the unsafe or unsound banking practices and violations
of law and/or regulations alleged to have been committed by the Insured
Institution and of its right to a hearing on the alleged charges under section
8(b)(1) of the Federal Deposit Insurance Act ("Act"), 12 U.S.C. § 1818 (b)(1),
and has waived those rights.
2. The
Insured Institution, solely for the purpose of this proceeding and without
admitting or denying any of the alleged charges of unsafe or unsound banking
practices and violations of law and/or regulations, hereby consents and agrees
to the issuance of an ORDER TO CEASE AND DESIST ("ORDER") by the FDIC. The
Insured Institution further stipulates and agrees that such ORDER shall be
deemed to be a final ORDER and that such ORDER shall become effective
immediately upon the date of issuance by the FDIC and fully enforceable by
the
FDIC pursuant to the provisions of section 8(i)(1) of the Act, 12 U.S.C. §
1818(i)(1), subject only to the conditions set forth in paragraph 3 of this
CONSENT AGREEMENT.
-
2
-
3. In
the
event the FDIC accepts this CONSENT AGREEMENT and issues the ORDER, it is agreed
that no action to enforce such ORDER in the United States District Court will
be
taken by the FDIC unless the Insured Institution or any director, officer,
employee, agent, successor or assignee, or other institution-affiliated party,
has violated or is about to violate any provision of the ORDER.
4.
The
Insured
Institution hereby waives:
(a) the
receipt of a NOTICE OF CHARGES AND OF HEARING;
(b) all
defenses in this proceeding;
(c) a
hearing
for the purpose of taking evidence on such alleged charges;
(d) the
filing of PROPOSED FINDINGS OF FACT AND CONCLUSIONS OF LAW;
(e) a
recommended decision of an Administrative Law Judge; and
-
3
-
(f) exceptions
and briefs with respect to such recommended decision.
Dated:
March 13,2007.
| FDIC | EUROBANK | ||
| LEGAL DIVISION | HATO REY, PUERTO RICO | ||
| BY: | BY: | ||
| /s/ X. Xxxxxxx Xxxxx | /s/ X. Xxxxxxxxx-Xxxxxxx, Xx. | ||
|
X. Xxxxxxx Xxxxx |
Xxxxxx Xxxxxxxxx-Xxxxxxx, Xx. |
||
|
Senior
Attorney
|
Director |
| /s/ Xxxx Xxxxx-Xxxxxxx, Xx. | |||
|
Xxxx Xxxxx-Xxxxxxx, Xx. |
|||
| Director |
| /s/ Xxxxx Xxxxxxxxx Xxxxxxx | |||
|
Xxxxx Xxxxxxxxx Xxxxxxx |
|||
| Director |
| /s/ Xxxxxxx Xxxxxxxx Xxxxxxx | |||
|
Xxxxxxx Xxxxxxxx Xxxxxxx |
|||
| Director |
| /s/ Xxxx Xxxxxxxxx Xxxxxxxx | |||
|
Xxxx Xxxxxxxxx Xxxxxxxx |
|||
| Director |
| /s/ Xxxxxxx Xxxx Xxxxxxxxx | |||
|
Xxxxxxx Xxxx Xxxxxxxxx |
|||
| Director |
| /s/ Xxxxx Xxxxx Xxxxxxxxx | |||
|
Xxxxx Xxxxx Xxxxxxxxx |
|||
| Director |
| /s/ Xxxxxxx X. Xxxxx Xxxxxxxx | |||
|
Xxxxxxx X. Xxxxx Xxxxxxxx |
|||
| Director |
-
4
-
| /s/ Xxxxxxx Xxxxxx Xxxxxx | |||
|
Xxxxxxx Xxxxxx Xxxxxx |
|||
| Director | |||
|
Comprising
the Board of
Directors
of Eurobank
Hato
Rey, Puerto Rico
|
