June 22, 2006
Order to cease and desist and assessment of civil money penalties against First Baird Bancshares, Inc. and its president and chairman of the board of directors, Joe E. Sharp
For immediate release
The Federal Reserve Board, on Thursday, announced the issuance of a consent Order to Cease and Desist and Assessment of Civil Money Penalties against First Baird Bancshares, Inc., Bedford, Texas, a registered bank holding company, and its president and chairman of the board of directors, Joe E. Sharp. The order was issued to address respondents’ alleged violation of section 3 (a)(3) of the Bank Holding Company Act, 12 U.S.C. §1842(a)(3).
The respondents, without admitting to any allegations, agreed to a cease and desist order and to each pay civil money penalties in the amount of $87,500.
A copy of the Order is attached.