Reuters: Regulatory News: Fed says bank director must give up interest

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Fed says bank director must give up interest Apr 10th 2012, 21:14 WASHINGTON, April 10 | Tue Apr 10, 2012 5:14pm EDT WASHINGTON, April 10 (Reuters) - The Federal Reserve on Tuesday ordered a Pennsylvania man to resign as chairman and director of First National Community Bancorp of Dunmore, Pa., and to get rid of his controlling interest in it and another bank. The order applies to businessman and casino owner Louis A. DeNaples whom the Fed said was required to get its consent to be affiliated with a bank because he had entered into an agreement with a court related to criminal charges. "Here, it is undisputed that (DeNaples) did not seek that consent after he entered into an agreement with a state district attorney withdrawing charges of perjury in exchange for promises...but he did continue to be an institution-affilated party at two bank holding companies," the Fed said. It said that DeNaples must "unconditionally resign" as a director of First National and submit a written plan within 30 days to sell his controlling interests in First National as well as Urban Financial Group Inc of Bridgeport, Conn. DeNaples was charged in 2008 with perjury in his testimony to the Pennsylvania Gaming Control Board when applying for a gaming license for a casino he owned. He took a leave of absence from his bank chairman's role after the charges were laid. DeNaples reached an agreement in 2009 with the state district attorney to withdraw the criminal charges against him and he agreed to transfer his interest in the casino to a trust for his daughter's benefit.

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