Department of Banking and Finance Enters into Consent Removal and Prohibition Order with Walter Hynes Barnes of Woodbury Banking Company

June 22, 2015

Atlanta, Georgia - On June 16, 2015, the Department of Banking and Finance, State of Georgia (“Department”) entered into a Consent Removal and Prohibition Order (“Consent Order”) with Walter Hynes Barnes, a director and loan officer of Woodbury Banking Company (“Bank”), to resolve allegations pertaining to violations of the Bank’s legal lending limits. It was determined that Mr. Barnes, in his capacity as Loan Officer, approved loans that violated legal lending limits, and thereby engaged in unsafe and unsound practices in connection with the Bank.

The terms of the Consent Order include the following:

  • Mr. Barnes shall be permanently removed from the Board of Directors and any position of employment with the Bank.
  • Mr. Barnes’ voting securities shall be considered authorized but unissued for purposes of a shareholders’ vote conducted by Woodbury Bancshares, Inc. (“Holding Company”).
  • Mr. Barnes shall be prohibited from acquiring an interest in any securities issued by the Bank or Holding Company.
  • Mr. Barnes shall be prohibited from serving on the Board of Directors or being employed by any entity regulated by the Department.

 

Contact
Lori M. Godfrey
Deputy Commissioner for Supervision
E-mail: lgodfrey@dbf.state.ga.us

 

The Department is the state agency that regulates and examines Georgia state-chartered banks, state-chartered credit unions, and state-chartered trust companies. The Department also has responsibility for the supervision, regulation, and examination of Merchant Acquirer Limited Purpose Banks (MALPBs) chartered in Georgia.  In addition, the Department has regulatory and/or licensing authority over mortgage brokers, lenders and processors, mortgage loan originators, check cashers, sellers of payment instruments, money transmitters, international banking organizations, and bank holding companies conducting business in Georgia.