| For immediate release |
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The Federal Reserve Board today announced the issuance of consent orders of Assessment of Civil Money Penalties against Michael L. Riddle, John Averett, Park Jones, and T. Stuart Ducote, former officers and directors of Provident Bancorp of Texas, Inc., Dallas, Texas, formerly a bank holding company. Messrs. Riddle, Averett, Jones, and Ducote, without admitting to any allegations, consented to the issuance of the Orders in settlement of charges brought by the Board in December 1995. Those charges alleged that Messrs. Riddle, Averett, Jones, and Ducote participated in violations of the Change in Bank Control Act in connection with the financing related to the acquisition of control of Provident Bancorp by other individuals between December 1990 and February 1991. The Board's Orders require that Mr. Riddle and Mr. Averett pay civil money penalties of $100,000 in the aggregate, that Mr. Jones pay a civil money penalty of $20,000, and that Mr. Ducote pay a civil money penalty of $1,500. Copies of the Board's orders are attached. |
| Order (489 KB PDF) |