Former CEO gets bank ban after bank sustains $5 million in losses

<p>A Florida man who formerly ran a Georgia bank has been banned for life from working in any federally regulated bank or lending institution after his bank suffered more than $5 million in losses, according to the U.S. Treasury Department.</p><p>David Moffat, the former president, CEO and director of First National Bank of St. Marys, voluntarily signed the agreement to the ban without "admitting or denying any wrongdoing," according to a report from the department's Comptroller of the Currency.</p><p>The Jacksonville, Fla., man had been accused of "unsafe or unsound banking practices" that resulted in the bank losses. He also was accused of failing to disclose "complete and accurate information" for two multimillion-dollar business loans, according to the report.</p><p>The comptroller's report did not specify the loan recipients or how the money was used.</p><p>The transactions happened between 2001 and 2005.</p><p>The bank was purchased by Ameris Bank in March.</p><p>___</p><p>HASH(0x1cdaa5c)</p>

http://accesswdun.com/article/2006/9/115891