| For immediate release |
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The Federal Reserve Board today announced the issuance of a Consent Order against Kenneth G. Walker, president, chairman of the board of directors, chief executive officer, and institution-affiliated party of the Farmers and Merchants Bank of Long Beach, Long Beach, California, a state member bank. Mr. Walker, without admitting to any allegations, consented to the issuance of the Order in connection with the bank's extensions of credit in 1996 to a bank affiliate that resulted in alleged violations by the bank of the prior approval, collateral, documentation and certain other requirements of Sections 23A and 23B of the Federal Reserve Act (12 U.S.C. 371c and 371c-1), Regulation O of the Board of Governors (12 C.F.R. Part 215), and a Written Agreement between the Federal Reserve Bank of San Francisco and the bank, dated November 10, 1993. Mr. Walker paid a fine of $12,500. A copy of the Order is attached.
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| Order (180 KB PDF) |