Feb
22

Former Bank Executive Pleads Guilty To Concealing Appraisals from Regulators

By
– The Oregonian

The wave of bank failures in the Pacific Northwest took an ugly twist Friday when a former high-ranking executive of the defunct Bank of Clark County pleaded guilty to concealing material facts from bank regulators.

David S. Kennelly, the Vancouver bank’s chief lending officer, acknowledged in U.S. District Court of Western Washington that in November 2008 he directed bank staff to hide a number of property appraisals from state and federal bank examiners showing that the bank was woefully undercollateralized on certain loans.

ARTICLE SHORTENED DUE TO LENGTH….

LINK TO ARTICLE HERE:

http://blog.oregonlive.com/frontporch/2010/02/former_bank_of_clark_county_ex.html
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