Order No. 2005-044
In The Matter Of:
Maureen K. Sittig
Before The Banking Commissioner of Texas
Austin, Travis County, Texas
Order Prohibiting Further Participation
On this day, the matter of MAUREEN K. SITTIG, of Austin, Texas ("Respondent") was submitted to me, Randall S. James, Banking Commissioner of the State of Texas ("Commissioner"), for consideration and action.
- Respondent was an officer for Sterling Bank, Houston Texas (the "Bank").
- Respondent made five loans in the names of individual borrowers in the amount of $91,276.19, but kept the proceeds of the loans for her personal use.
- The actions by Respondent in paragraph 2 of this Section occurred from June 29, 2000 through June 14, 2003.
- Respondent violated Texas Finance Code § 35.002(a)(4) by conducting business at the Bank in an unsafe and unsound manner by taking proceeds of loans made to other from the Bank for her personal use without authority or approval.
- The Bank has suffered financial loss as a result of Respondent's actions.
- The Respondent's actions involved personal dishonesty on Respondent's part and demonstrated a wilful disregard for the safety and soundness of the Bank.
- Respondent's actions constitute sufficient grounds for the Commissioner to issue an order, under § 35.003 of the Code, prohibiting Respondent from further participation in the affairs of a state bank, as defined by Texas Finance Code §31.002(50) ("state bank").
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, MAUREEN K. SITTIG 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
Pursuant to Texas Finance Code § 35.003(c) Respondent may appeal this order by requesting a hearing before December 28, 2005. If the Respondent does not timely request a hearing, this prohibition order against Respondent Maureen K. Sittig is effective December 28, 2005, pursuant to Texas Finance Code § 35.003(b)(3). After taking effect, the order is final and non-appealable as to Respondent.
This Order Prohibiting Participation in the Affairs of a State Bank is served on Maureen K. Sittig by mailing it certified mail, return receipt requested, and by first-class mail, to Ms. Maureen K. Sittig, #57621-180, FPC Bryan, Federal Prison Camp, P.O. Box 2149, Bryan, Texas 77805 on December 5th, 2005.
Signed on this 2nd day of December, 2005.
/s/ Randall S. James
Randall S. James
Banking Commissioner of the State of Texas