Order No. 2006-032

In The Matter Of:

Christina M. Owen
League City, Texas

Before The Banking Commissioner of Texas
Austin, Travis County, Texas

Order Prohibiting Further Participation

On this day, the matter of Christina M. Owen, League City, 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 Respondent about the right to receive a proposed Order Prohibiting Further Participation detailing the violations of law or regulation, unsafe or unsound banking practices and/or breaches of fiduciary duty that would be contained in a final Order Prohibiting Further Participation (“Prohibition Order”). The Department informed Respondent about the right to a hearing on the alleged charges under Texas Finance Code, § 35.003. Respondent waived those rights and entered into a Stipulation and Consent to the Issuance of an Order Prohibiting Further Participation (“Consent Agreement”) with the Department, which asked the Commissioner to dispose of this matter pursuant to the provisions of Texas Government Code, § 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 or unsafe or unsound banking practices and/or breaches of fiduciary duty, Respondent consented to the issuance of this Prohibition Order.

The Commissioner has considered the matter and believes that, with respect to a state bank:

  1. Respondent intentionally committed or participated in one or more of the following:
    1. a violation of Title 3, Subtitle A (Chapters 31 – 37) of the Texas Finance Code or other applicable law;
    2. a breach of trust or other fiduciary duty;
    3. a refusal to submit to examination or examination under oath;
    4. the conduct of the bank’s business in an unsafe or unsound manner;
    5. a violation of a condition of the bank’s charter or an agreement between the bank or Respondent and the banking commissioner and the Department; or
    6. a violation of a final cease and desist order issued with respect to the same or a similar act;
  2. because of Respondent’s action:
    1. the bank has suffered or will probably suffer financial loss or other damage;
    2. the interest’s of the bank’s depositors have been or could be prejudiced; or
    3. Respondent has received financial gain or benefit by reason of the action;
  3. Respondent’s action:
    1. involved personal dishonesty on the part of Respondent; or
    2. demonstrated willful or continuing disregard for the safety and soundness of the bank; and
  4. entry of this Prohibition Order appears to be necessary and in the best interest of the bank and its depositors, creditors and shareholders or participants.

I. Order of Prohibition

It is, therefore, ORDERED, ADJUDGED and DECREED that, pursuant to Texas Finance Code, § 35.003 and § 35.007, and 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 a perpetual care cemetery, prepaid funeral business, sale of checks business, currency exchange business, or private child support enforcement agency, Christina M. Owen is prohibited from:

  1. serving as a director, officer, or employee;
  2. directly or indirectly participating in any manner in the conduct of its affairs;
  3. soliciting, procuring, transferring, attempting to transfer, voting, or attempting to vote any proxy, consent, or authorization with respect to any voting rights; or
  4. directly or indirectly voting for a director, or serving or acting as an entity-affiliated party.

II. Effective Date

This Prohibition Order against Respondent Christina M. Owen is effective August 15, 2006, and is final and nonappealable as of that date.

/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.
Assistant General Counsel
Texas Department of Banking
2601 North Lamar Boulevard, Suite 300
Austin, Texas 78705
Telephone: (512) 475-1318
Facsimile: (512) 475-1313