Comptroller Bans 2 from Banking
WASHINGTON - The chairman and another board member of the defunct Southwest National Bank in Albuquerque, N.M., have been permanently barred from the banking industry and assessed civil money penalties, the Office of the Comptroller of the Currency said.
The actions were taken against Jack J. Clifford, chairman and a principal shareholder, and Jack M. Clifford, also a principal shareholder. The bank was declared insolvent in February.
The Comptroller's office said the two men received the benefits of $3.5 million in loans between 1984 and 1989 that were unsafe and unsound and exceeded the legal limit on loans to directors and to their affiliated business entities.
Both men consented to money penalties and to a permanent ban that extends to participation in the affairs of any federally insured financial institution or federal bank regulatory agency.