Release Date: April 17, 2014
For immediate release
The Federal Reserve Board on Thursday announced the issuance of a Consent Order of Prohibition against Darryl Woods, the former President and Chairman of the board of directors of Calvert Financial Corporation, Ashland, Missouri, a registered bank holding company, and the former Chief Financial Officer and Chairman of the board of directors of Mainstreet Bank, Ashland, Missouri, a state-member bank.
Woods consented to the issuance of the order, which is based on his participation in unsafe and unsound practices, breaches of fiduciary duty, and violations of law and regulation in connection with his and the company's use of funds through the Troubled Asset Relief Program ("TARP"). The purpose of TARP was to provide capital to financial institutions to enable them to build their capital base and to increase the flow of financing to businesses and individuals.
In addition to the Board's order, Woods has pled guilty to a criminal charge in connection with the use of the TARP funds. On March 27, he was sentenced to a term of incarceration by the United States District Court for the United States District Court for the Western District of Missouri.
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