The Federal Reserve has banned a former executive of Security Bank in Tulsa, Okla., from the banking industry.
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The consent order also required Bryan T. Posey, a former president and director of the $388.2 million-asset bank, to pay a $35,000 civil penalty, according to a Wednesday press release from the Fed. Posey agreed to the order, which was included with the release on the Fed’s website.
In April, the Fed issued a notice alleging that Posey had “engaged in violations of law and unsafe and unsound banking practices, and breached his fiduciary duties in connection with the bank’s issuance of commercial real estate and other loans.” At that time, Posey denied the allegations.
