Washington - Two regulators permanently banned former United Bank Corporation of New York official Michael A. Jacobs from banking last week, and ordered him to pay $4.6 million in compensation and fines.

The Federal Reserve Board and the Comptroller of the Currency accused Mr. Jacobs of engaging in unsafe and unsound practices when he inadequately capitalized First National Bank of Downsville during its acquisition of three branches.

Mr. Jacobs, without admitting fault, consented to the order.

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