OCC Fines Former Mountain View Bank President $20,000

by Gwen Moritz  on Friday, Oct. 19, 2012 5:23 pm  

The former president of Ozark Heritage Bank of Mountain View has been fined $20,000 by the Office of the Comptroller of the Currency, the primary regulator of national banks.

According to a consent order dated Aug. 10, Marvin Sutterfield agreed to the penalty but neither admitted nor denied any of the OCC's findings. Those findings include extending credit "to himself, members of his family, and entities owned by members of his family, through which he received a tangible economic benefit in excess of the $100,000 lending threshold for executive officers" prescribed by federal regulation.

He was also accused of sloppy underwriting of loans and paying "two impermissible golden parachute payments" to former bank employees.

Sutterfield has been replaced as president of Ozark Heritage by Marnie Oldner, but the OCC order identifies him as the current business development officer. He was not at the bank late Friday afternoon and could not be reached at other phone numbers.

Sutterfield led a group of investors that bought First National of Altheimer in March 2009 and renamed it Ozark Heritage Bank. The deal was estimated to be worth $3.1 million.

But the bank has had a rocky time of it. Two years ago, the OCC ordered the bank to improve its capital and management, and shareholders filed suit against the management in September 2011 and May of this year.

 

 

Please read our comments policy before commenting.
Search

Latest Arkansas Business Poll

Did the Fed make the right call on interest rates?