| For immediate release |
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The Federal Reserve Board today announced the joint issuance with the Office of the Comptroller of the Currency of a consent Order of Prohibition against Bob L. Sellers, a former officer, director and shareholder of First National Summit Bankshares, Crested Butte, Colorado, a former bank holding company, and a former officer and director of First National Summit Bank, Crested Butte, Colorado, a former national bank.
The Board also today announced the issuance of a consent Order of Assessment of Civil Money Penalty against Mr. Sellers. Mr. Sellers, without admitting to any allegations, consented to the issuance of the Order in connection with his alleged acquisition of more than 25 percent of the outstanding voting shares of First National Summit Bankshares in 1994 without prior approval from the Board, and his alleged misrepresentations and omissions of fact in connection with regulatory filings to the Board and the OCC. The Order prohibits Mr. Sellers from participating in the conduct of the affairs of any financial institution and requires that he pay a civil money penalty of $100,000. A copy of the combined Order is attached.
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| Combined Order (361 KB PDF) |