Order No. 2010-024

In The Matter Of:

Edward Soloman Casseb
San Antonio, Texas

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

Order Prohibiting Further Participation

On this day, the matter of EDWARD SOLOMAN CASSEB, San Antonio, Texas (“Respondent”) was submitted to me, Charles G. Cooper, Banking Commissioner of the State of Texas (“Commissioner”), for consideration and action.

The Texas Department of Banking (“Department”) is the appropriate state banking agency to bring this enforcement action pursuant to Texas Finance Code, § 35.003, and the Commissioner has jurisdiction over Respondent and the subject matter of this proceeding. The 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(c) and 35.004. 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, based upon bank examinations and other credible evidence, that with respect to a state bank, Respondent’s actions satisfy the statutory requirements for the issuance of a Prohibition Order as set forth in Texas Finance Code, Chapter 35, § 35.003. Accordingly, the 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 and the public interest.

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, money services business, or private child support enforcement agency, EDWARD SOLOMAN CASSEB is prohibited from:

  1. serving as a director, officer, or employee;

  2. directly or indirectly participating in any manner in the management or 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 EDWARD SOLOMAN CASSEB is effective April 12, 2010, and is final and nonappealable as of that date.

/s/ Charles G. Cooper                                
Charles G. Cooper
Banking Commissioner of the State of Texas

Questions regarding this Order should be directed to:

Robert Giddings
Assistant General Counsel
Texas Department of Banking
2601 North Lamar Boulevard, Suite 300
Austin, Texas 78705
Telephone: (512) 475-1305
Facsimile: (512) 475-1313