WASHINGTON - The Federal Reserve Board banned former bank officer James A. MacCallum from the industry last week, and ordered him to reimburse Toyo Trust & Banking Co. $500,000.
Mr. MacCallum, who worked in New York as a Toyo vice president and as an officer at Canadian Imperial Bank of Commerce, consented to the Dec. 29 order.
Mr. MacCallum allegedly misappropriated funds from Toyo for his personal use, the Fed said in the order.
Mr. MacCallum is supposed to immediately reimburse Toyo $350,000 and issue it a promissory note for the balance.
Also last week, the Fed executed written agreements with Citizens Bancshares Inc., of Walnut, Ill.; Citizens First State Bank of Walnut, Ill.; Hanmi Bank of Los Angeles; and The San Francisco Co. of San Francisco.
The institutions agreed to halt dividend payments, to boost capital, and to refrain from incurring additional debt without the Fed's prior approval.