Release Date: September 3, 2009
For immediate release
The Federal Reserve Board on Thursday announced the issuance of a consent Order of Assessment of a Civil Money Penalty against Union Bank and Trust Company, Bowling Green, Virginia, successor by merger with Bay Community Bank, Newport News, Virginia, a state member bank. Union Bank and Trust Company, without admitting to any allegations, consented to the issuance of the Order in connection with its alleged violations of the Board’s regulations implementing the National Flood Insurance Act.
The Order requires Union Bank and Trust Company to pay a civil money penalty of $3,990, which will be remitted to the Federal Emergency Management Agency for deposit into the National Flood Mitigation Fund.
A copy of the Order is attached.