Release Date: June 26, 2008
For immediate release
The Federal Reserve Board on Thursday announced the issuance of a Consent Order of Assessment of a Civil Money Penalty against Heritage Bank of Commerce, San Jose, California, a state member bank. Heritage Bank of Commerce, 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 Heritage Bank of Commerce to pay a civil money penalty of $6,840, which will be remitted to the Federal Emergency Management Agency for deposit into the National Flood Mitigation Fund.
A copy of the Written Agreement is attached.