WASHINGTON -- The Office of Thrift Supervision has fined Eugene N. Hooper of Falls Church, Va., and banned him from banking.
Mr. Hooper consented to the penalty and agreed to pay $100,000 in restitution, civil money penalties, and costs without admitting or denying guilt, the OTS said Tuesday.
The agency accused Mr. Hooper of illegally obtaining $100,000 in loans from First Federal Savings Bank of Shenandoah Valley, Front Royal, Va.
He had an ownership position of more than 10% of the thrift, making him a controlling shareholder.
First Federal has remained open and will get $80,000 in restitution, the OTS said.
Mr. Hooper violated limits on loans to one borrower and loans to controlling shareholders, which caused the thrift to violate the terms of a ceaseand-desist order and to engage in unsafe and unsound practices, the agency said.
