Menu Search Account

LegiStorm

Get LegiStorm App Visit Product Demo Website
» Get LegiStorm App
» Get LegiStorm Pro Free Demo

Bank Supervision: Closure of the Rushville National Bank

  Premium   Download PDF Now (33 pages)
Report Type Reports and Testimonies
Report Date June 15, 1998
Report No. GGD-98-80
Subject
Summary:

This report responds to a congressional request for an independent review of the events leading up to the 1992 closure of the Rushville National Bank by the Office of the Comptroller of the Currency (OCC). GAO discusses whether OCC followed its policies and procedures in its (1) net worth calculation and loan classifications, which led to Rushville's being declared insolvent; (2) decision to close the bank before implementation of the Federal Deposit Insurance Corporation Improvement Act; (3) contacts with the bank that recalled a loan to Rushville's holding company; (4) determination of civil money penalties assessed against the former Rushville chairman and directors; and (5) involvement with the proposed sale of Rushville holding company stock by Rushville's suspended chairman.

« Return to search Government Accountability Office reports