The Federal Reserve Board has banned from banking Eric C. Dill, a former employee of the New York branch of National Bank of Canada.
The Fed said Monday that Mr. Dill had mispriced securities in the bank's trading portfolio, causing substantial losses. Mr. Dill did not admit any wrongdoing but agreed not to work for another bank, serve on a bank board of directors, or vote shares of any bank stock without the Fed's prior approval.
Also Monday, the Fed gave Bank of Cyprus permission to open a representative office in New York. The office will market the bank's products to corporate customers and offer advice on investment opportunities in Cyprus.
The Fed also approved a bid by First National Security Co., De Queen, Ark., to acquire First Financial Corp., Idabel, Okla.