Release Date: June 22, 2006
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 respondentsí 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.