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UNITED
BEFORE
THE BOARD
STATES
OF GOVERNORS
OF AMERICA
OF THE
WASHINGTON,
FEDERAL
RESERVE
SYSTEM
D.C.
)
In the Matter
STEPHEN
of
R. KOURY
An Institution-Affiliated
Party of
First Western Trust Services
New Castle, Pennsylvania
and
First Western Bancorp,
Inc.
New Castle, Pennsylvania
WHEREAS,
Federal
Deposit
(12 U.S.C.
Federal
Order
1818(e)
and
System
of Prohibition
defined
1813(u)
New
Insurance
Reserve
("Koury"),
as
pursuant
a former
Castle,
registered
(i)(3)),
3(u)
Western
"Board
and
and
bank
participation
misappropriation
("Trust
Bancorp,
holding
Inc.,
company,
in violations
of Trust
8(e)
the Board
No.
and
97-012-E-I
(i) (3) of the
(the "FDI Act")
of Governors
of Governors")
"Order")
employee
Pennsylvania
Order of Prohibition
Issued Upon Consent
Pursuant
to the
Federal Deposit Insurance
Act, as Amended
as amended
against
of the
issues
Stephen
this
R. Koury
an institution-affiliated
party,
8(b) (3) of the FDI Act
1818(b) (3)), of First
and
of First
Act,
(the
Docket
)
)
)
)
)
)
)
to sections
(the
in sections
Company
)
Western
Trust
Services"),
New
due
Castle,
Services
a nonbank
to Koury's
customer
Company,
subsidiary
Pennsylvania,
a
alleged
of law in connection
Services's
(12 U.S.C.
and
with
his
company
funds;
2
WHEREAS,
count
of wire
on December
fraud;
WHEREAS,
consented
to the
and has waived
pursuant
hearing
matter
review
1818
guilty
to one
he might
or set
of this
Order
with
in this
in any manner
(b) to a
respect
to any
(c) to obtain
hereof;
the basis,
or enforceability
or otherwise
Order;
or any provision
and
issuance,
of this
has
have
to prohibit;
evidence
forth
263,
Koury
of Governors
otherwise
Part
of intent
of taking
hereunder,
Order
(d) to
validity,
or any
hereof.
NOW,
adjudication
forth
pled
by the Board
or 12 C.F.R.
implied
or contest
signature
Order
rights
of a notice
effectiveness
provision
his
of this
and all
the purpose
charged,
challenge
set
issuance
issuance
for
judicial
terms,
by affixing
any
Koury
and
to 12 U.S.C.
(a) to the
2, 1997,
THEREFORE,
of or finding
herein,
of any
allegation
Governors
in connection
to the taking
on any
and without
admission
settlement
prior
this
made
of fact
Order
and
without
testimony
or
or law implied
or
constituting
or implied
herewith,
of t-his matter
issue
of any
an
by the Board
solely
protracted
of
for the purpose
of
or extended
proceedings:
IT IS HEREBY
(i) (3), and
that:
ORDERED,
(j) of the FDI Act
pursuant
(12 U.S.C.
to sections
8(e),
1818(e),
(i), and
(j)),
3
1.
Koury, without the prior written approval of the
Board of Governors and, where necessary pur~suant to
section 8(e)(7) (B) of the FDI Act (12 U.S.C. 1818(e) (7) (B)),
another Federal financial institution regulatory agency, is
hereby and henceforth prohibited:
(a)
From participating
in any manner in the
conduct of the affairs of any institution or agency specified in
section 8(e)(7)(A) of the FDI Act
(12 U.S.C. 1818(e) (7) (A)),
including, Trust Services, First Western Bancorp, Inc., or any
insured depository
institution, depository institution holding
company, or nonbank subsidiary thereof;
(b)
from soliciting, procuring, transferring,
attempting to transfer, voting or attempting to vote any proxy,
consent, or authorization with respect to voting rights in any
institution described
Cc)
previously
in section 8(e) (7) (A) of the FDI Act;
from violating any voting agreement
approved by any Federal banking agency; or
(d)
from voting for a director or serving or
acting as an institution-affiliated
party, as defined in
sections 3(u) and 8(b)(3) of the FDI Act (12 U.S.C. 1813(u) and
1818(b) (3)), such as an officer, director or employee.
4
2.
Any violation of this Order shall separately
subject Koury to appropriate civil or criminal penalties or both
under sections 8(i) and (j) of the FDI Act.
3.
This Order, and each and every provision hereof, is
and shall remain fully effective and enforceable until expressly
stayed, modified, terminated or suspended in writing by the Board
of Governors.
4.
All communications regarding this Order shall be
addressed to:
5.
(a)
Mr. R. Chris Moore
Senior Vice President
Federal Reserve Bank of Cleveland
1455 East Sixth Street
Cleveland, Ohio 44114
(b)
Mr. Stephen R. Koury
2409 Woodland Drive
New Castle, Pennsylvania
(a)
16101
The provisions of this Order shall not bar,
estop, or otherwise prevent the Board of Governors, or any
Federal or State agency or department
from taking any other
action affecting Koury.
(b)
Koury agrees that the execution of this Order
and its issuance by the Board of Governors is not dispositive
of
5
any civil or criminal offense that he may be charged with by any
Federal or State agency or department.
day of
By order of the Board of Governors effective this &Q.J.?U.c,.
.fe rJz*l/
,lY
BOARD OF GOVERNORS OF THE
FEDERAL RESERVE SYSTEM
cd_
Byz
Secretary of the Board