CHICAGO -- George W. Haigh, who was chairman of the defunct Trustcorp of Toledo, Ohio, has agreed to a permanent ban from the banking industry and a $50,000 fine.
In a consent order, the Federal Reserve Board cited Mr. Haigh's involvement in speculative real estate loans and "certain travel or entertainment expenditures."
Trustcorp stumbled in the late 1980s after making the commercial realty loans in downtown Toledo. The company was acquired by Cleveland-based Society Corp. in 1990. Mr. Haigh agreed to pay $50,000 to compensate Society and can no longer serve as an officer or director of a depository institution.