The FDIC announced December 28, 2009 in a press release, that the Security Bank of Rich Hill had agreed to a fine of $4,000.

Not that long ago, The Security Bank of Rich Hill took over the troubled Hume Bank. More recently the former president of the now defunct Hume Bank was indicted for fraud.

I have added the document below for you to download.

It doesn't really appear that they got caught with their hand in the cookie jar, just more like the forgot to cross a couple T's and dot a couple of I's on some damn government form.

Probably just easier to pay off the government thugs than make a big deal about it.

ORDER TO PAY CIVIL MONEY PENALTY
IT IS HEREBY ORDERED that the Bank be, and hereby is, assessed a civil money penalty of $4,000 pursuant to section 8(i)(2) of the Act, 12 U.S.C. § 1818(i)(2), the receipt of which is hereby acknowledged.
Pursuant to delegated authority.
Dated this 17th day of November, 2009.
_______________/s/________________
Robert J. Carmona
Deputy Regional Director
Kansas City Regional Office

States Attorney for the Western District of Missouri, Matt J Whitworth announced that the former president of the Hume Bank; Jeffrey W. Thompson, was indicted by a federal grand jury for bank fraud.

The Hume Bank was closed by the Missouri Division of Finance and the FDIC on March 7, 2008, and later assumed by the Security Bank of Rich Hill, MO.

Mr. Thompson aged 39 of Hume, MO became the president of the Hume Bank in 2001, he is accused of defrauding the bank and making false statements concealing problem loans. He is also accused of abusing the bank's credit card, using it for personal expenditures. (according to reports).

Some of the allegations involve loans to Brad Laning, a relative of Mr. Thompson's wife.

I have been helping the FDIC evaluate some of the property currently in foreclosure in Hume, MO; and from the properties I've seen the damage has just begun.

I did a BPO for the FDIC a few weeks ago that showed the actual property value to be drastically less than what was loaned against the home.

This is just another example of lenders and appraisers over-valuing homes and buyers walking away with a huge debt that cannot be recovered by liquidating the assets.

Thanks for visiting Bates County Real Estate.