Release Date: August 2, 2007
For immediate release
The Federal Reserve Board on Thursday announced the issuance of a Consent Order of Prohibition against Richard N. DeLong, a former chief lending officer, director, and institution-affiliated party of Mid America Bank and Trust Company, Dixon, Missouri.
Mr. DeLong, without admitting to any allegations, consented to the issuance of the Order which was based on his alleged participation in unsafe and unsound practices and breaches of fiduciary duty to the Bank involving the Bank’s granting of loans to alleged nominee borrowers and the granting of loans based on allegedly false purpose statements, to the alleged misapplication of loan proceeds, and to the alleged submission of false and misleading information to the Bank’s board of directors.
A copy of the Order is attached.