Order No. 2005-020
In The Matter Of:
San Antonio, Texas
Before The Banking Commissioner of Texas
Austin, Travis County, Texas
Order Prohibiting Further Participation
On this day, the matter of ROSA SULLIVAN, of San Antonio, Texas ("Respondent") was submitted to me, Randall S. James, Banking Commissioner of the State of Texas ("Commissioner"), for consideration and action.
The Texas Department of Banking (“Department”) informed the Respondent of her right to receive a proposed Order Prohibiting Further Participation detailing any violations of law or regulations, unsafe or unsound banking practices and/or breaches of fiduciary duty that would be contained in a Department issued final Order Prohibiting Further Participation (“Prohibition Order”). The Department informed the Respondent of her right to a hearing on the alleged charges under Tex. Fin. Code §35.003. The Respondent waived those rights and entered into a Stipulation and Consent to the Issuance of an Order Prohibiting Further Participation (“Consent Agreement”) with representatives of the Legal Division of the Department, which requested the Commissioner to dispose of this matter pursuant to the provisions of TEX. GOV'T CODE ANN. §2001.056. Respondent entered into the Consent Agreement solely for the purpose of this proceeding, and without admitting or denying any violations of law or regulations, unsafe or unsound banking practices and/or breaches of fiduciary duty, Respondent consented to the issuance of a Prohibition Order by the Department.
The Department considered the matter and believes that:
(a) Respondent intentionally committed or participated in:
- a violation of Title 3, Subtitle A (Chapters 31 to 37) of the Finance Code or another applicable law;
- a breach of trust or other fiduciary duty;
- a refusal to submit to examination or examination under oath;
- business conducted in an unsafe or unsound manner;
- a violation of a condition of the bank’s charter or an agreement between the bank or the Respondent and the banking commissioner and the Department; or
(b) Respondent violated a final cease and desist order issued in response to the same or a similar act; and
Because of Respondent’s action:
- the bank has suffered or will probably suffer financial loss or other damage;
- the interests of the bank’s depositors have been or could be prejudiced; or
- the Respondent has received financial gain or other benefit by reason of the action; and
The Respondent’s action:
- involved personal dishonesty on the part of the Respondent; or
- demonstrated wilful or continuing disregard for the safety or soundness of the bank.
I. Order of Prohibition
It is, therefore, ORDERED, ADJUDGED and DECREED that, with respect to a state bank, trust company, or other entity chartered, registered or licensed by the banking commissioner under the laws of this state, including an interstate branch, trust office, or representative office in this state of an out-of-state state bank, trust company, or foreign bank, and further including any entity chartered, registered or licensed by the banking commission under the laws of this state to provide services as a perpetual care cemetery, prepaid funeral business, sale of checks business, currency exchange business, or private child support enforcement agency, Rosa Sullivan is prohibited from:
- serving as a director, officer, or employee;
- directly or indirectly participating in any manner in the conduct of its affairs;
- soliciting, procuring, transferring, attempting to transfer, voting, or attempting to vote any proxy, consent, or authorization with respect to any voting rights; or
- directly or indirectly voting for a director, or serving or acting as a state bank-affiliated party.
IV. Effective Date
This prohibition order against Respondent Rosa Sullivan is effective June 6, 2005, pursuant to Texas Finance Code §35.003(b)(3). Pursuant to Texas Finance Code §35.003(c) and Respondent may not appeal.
/s/ Randall S. James
Randall S. James
Banking Commissioner of the State of Texas
Questions regarding this Order should be directed to:
Shannon Phillips Jr.
Deputy General Counsel
Texas Department of Banking
2601 North Lamar Boulevard, Suite 300
Austin, Texas 78705
Telephone: (512) 475-1318
Facsimile: (512) 475-1313