Release Date: July 19, 2007
For immediate release
The Federal Reserve Board on Thursday announced the issuance of a consent Order of Prohibition and Order to Cease and Desist against Rick W. Bouse, the former president and director of Progress Bank of Missouri, Sullivan, Missouri, and a former institution-affiliated party of Progress Bancshares, Inc.
Mr. Bouse, 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 alleged breaches of fiduciary duty to the bank and its holding company involving the bank’s granting of loans to allegedly unqualified and nominee borrowers, and the alleged use of bank assets for purposes unrelated to the bank’s business.
A copy of the Order is attached.