Release Date: April 10, 2012
For immediate release
The Federal Reserve Board on Tuesday announced the issuance of a Final Decision and a Cease and Desist Order against Louis A. DeNaples, an institution-affiliated party of First National Community Bancorp ("First National"), Dunmore, Pennsylvania, and Urban Financial Group, Inc. ("Urban Financial"), Bridgeport, Connecticut. This Order is the result of an action brought by the Board alleging that DeNaples violated Section 19 of the Federal Deposit Insurance Act by continuing to act as an institution-affiliated party after entering into a pretrial diversion or similar program and without obtaining the prior consent of the Board. As a result of the Cease and Desist Order, DeNaples will be required to resign his position as director of First National and submit a plan for divestiture of his controlling shareholdings in First National and Urban Financial.
Attached are the Board's Final Decision and Order relating to this action.
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