Business

Five Conway Bank officials agree to OCC penalties

The chairman, two officers and two directors of Conway Bank have agreed to civil money penalties levied by the Office of the Comptroller of the Currency, the national bank regulator said.

The OCC announced today that in June it had proposed the penalties against Chairman Norbert Gerstenkorn, CEO Joseph Rottinghaus, chief financial officer Jerod Heiman, and directors Michael Lies and John McKay.

The penalties range from $2,000 to $3,000.

In each case the OCC order said the men did not comply with the requirements of a formal agreement the bank entered into in January 2005. The agreement, an enforcement action, required Conway to make a number of changes to its operations, including lending procedures.

The five agreed to a stipulation and consent order, which requires them to pay the fines but waives any administrative or judicial proceeding without requiring them to admit or deny failure to comply with the formal agreement.

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