Regulatory Alerts2026-06-18
Added · Updated
Federal Reserve Board issues enforcement action with former employee of Bank of Eufaula and S N B Bancshares, Inc.
The Board of Governors of the Federal Reserve System issued an Order of Prohibition and Assessment of Civil Money Penalty against Thomas W. Engelbrecht, former CEO and director of Bank of Eufaula and S N B Bancshares, Inc. The enforcement action addresses Engelbrecht's violations involving over $5 million in loans to a relative's company, fabricated board minutes, and resulting losses exceeding $3.5 million for the bank. As part of the consent order, Engelbrecht is prohibited from participating in the affairs of any insured depository institution and must pay a $125,000 civil money penalty within sixty days.
Topics
Share