Federal Reserve Bans Former Illinois Bank Executive
The Federal Reserve has banned James Burns, former chief lending officer at Heritage State Bank in Lawrenceville, for approving loans based on inflated appraisals and failing to ensure proper appraisal practices. The violations led to significant losses when the bank was acquired by First National Bank of Carmi (now known as First Bank).
Topics: bank safety and soundness Federal Reserve fraud loan appraisal fraud