Release Date: September 28, 2011
For immediate release
The Federal Reserve Board today announced that a public administrative hearing will commence on November 14, 2011, in connection with an enforcement action against Bryan T. Posey, former President and Director of Security Bank, Tulsa, Oklahoma, a state member bank.
The hearing will be held before an Administrative Law Judge to determine whether Mr. Posey should be permanently barred from the banking industry and whether the Board should assess a fine of $100,000 against Mr. Posey.
The Notice alleges that Mr. Posey engaged in unsafe and unsound practices, breaches of fiduciary duty, and violations of law related to his making of and administration of business loans and commercial real estate loans to several borrowers. A copy of the Board's combined Notice of Intent to Prohibit and Notice of Assessment of Civil Money Penalty is attached.
The administrative hearing will commence at 9:00 a.m. CST on November 14, 2011, at the following location:
United States District Court
Northern District of Oklahoma
411 U.S. Courthouse
333 West Fourth Street
Tulsa, Oklahoma 74103
A copy of the Notice is attached.