Magazine article American Banker

Sunwest Flagged for Noncompliance

Magazine article American Banker

Sunwest Flagged for Noncompliance

Article excerpt

Byline: Robert Barba

Regulators have ordered Sunwest Bank in Tustin, Calif., to improve its compliance with the Bank Secrecy Act.

Last week, the Federal Deposit Insurance Corp. disclosed the Jan. 21 consent order that it issued, along with the California Department of Financial Institutions, to the $617 million-asset bank. The order will hamstring the at-times aggressive acquirer from buying anything for now.

The order gives Sunwest 90 days to comply with all BSA rules and regulations, and gives it 60 days to correct any violations that were found in the bank's 2009 and 2010 examinations. It also calls for the bank to review its staffing needs to make sure adequate resources are being devoted to BSA compliance.

In an interview Monday, Glenn Gray, the bank's chief executive and a recipient of American Banker's 2010 Community Banker of the Year, said that the problems stem from the bank's suspicious activity reporting. …

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