Hastings State Bank fined by FDIC

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by Chris Wagner

Story Created: Jan 30, 2013 at 7:57 PM CDT

Story Updated: Jan 30, 2013 at 7:57 PM CDT

Hastings State Bank and a former member of its board of directors... have been fined and sanctioned by the FDIC. This after what is being called "unsafe and unsound banking practices" that stretch back to at least 2008.

Hastings State Bank was ordered to pay more than $200,000 in penalties covering bad business behavior going back to a "cease and desist" order the FDIC handed down in 2008.

Pinnacle Bank took over the bank in December.

Former bank board member Paul Powers was fined $25,000 and was barred from ever working in the banking industry again for his role in the case.

Both the bank and Powers have agreed to the penalties, but have not admitted to any wrong doing.

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