Release Date: January 24, 2007
For immediate release
The Federal Reserve Board on Wednesday announced the issuance of a consent Order of Assessment of a Civil Money Penalty against Pacific Mercantile Bank, Costa Mesa, California, a state member bank. Pacific Mercantile Bank, 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 Pacific Mercantile Bank to pay a civil money penalty of $6,850, 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.