The Federal Deposit Insurance Corporation has ordered the president and CEO of a Crossett bank to pay a $35,000 penalty.
The FDIC released on Friday a consent order issued in December involving Howard M. Beaty Jr., and First State Bank of Crossett.
The order said that Beaty violated or caused the bank to violate the Bank Secrecy Act by failing to file suspicious activity reports.
In addition to the penalty payment, the FDIC will require Beaty to comply with reporting requirements in the future, and to attend training sessions relating to the Bank Secrecy Act.
CLICK THE PDF to see a copy of the order.