The Federal Reserve Board on Thursday permanently barred Thomas H. Huston and T. Mark Huston, former officers of Columbus Junction State Bank, Columbus Junction, Iowa, from the banking industry for engaging in improper financial activity and concealing or attempting to conceal that activity from state and federal bank examiners.
Thomas Huston and his son, Mark Huston, authorized a series of loans to one another which cumulatively exceeded federal and state lending limits to bank officers, and then concealed or attempted to conceal some of those violations from state and federal banking examiners. The Hustons also attempted to conceal from bank examiners the status of certain borrowers' overdue loans, and loans to affiliated borrowers that exceeded legal lending limits.
This conduct constituted violations of law or regulation, unsafe or unsound practices, and breaches of fiduciary duty. The Hustons consented to the Board's action.
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