FDIC Orders Lifetime Banking Ban For Two Former Missouri Executives

The Federal Deposit Insurance Corp. logo at FDIC headquarters in Arlington, Va. | Photo courtesy of Adam Fagen/Flickr
The FDIC ordered a lifetime ban of two former Excel Bank executives. | Photo courtesy of Adam Fagen/Flickr

The Federal Deposit Insurance Corp. ordered a lifetime ban from banking for the former president and the former executive vice president of Missouri-based Excel Bank, which failed in October 2012 and was acquired out of receivership by Simmons First National Bank. Excel Bank had branch offices in Lee’s Summit, Sedalia, Kirkwood and Green Ridge.

Shaun Hayes, the former president, and Timothy Murphy, the former executive vice president, agreed to the lifetime ban without admitting or denying any violations of law or regulation. The FDIC said the ban came after a determination that it had reason to believe that Hayes and Murphy were both involved in “personal dishonesty” and “willful and/or continuing disregard for the safety and soundness of the bank.”

Read more from the Kansas City Business Journal

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