Former FNB execs fined by regulators
Three members of the family that once ran Shelby County&8217;s oldest bank have agreed to pay fines to settle a long-running investigation by federal regulators.
The former executives of the now defunct First National Bank of Shelby County owned most of the bank when it was sold to Mississippi-based M&F Corp. for $31 million in 2005.
Former Chairman and CEO William T. Harrison and former President Helen Harrison Phillips each agreed to $150,000 fines as part of their settlements with the Office of the Comptroller of the Currency, according to documents released by the agency last month. Former Vice President Carol Harrison Smith agreed to pay a $25,000 fine.
The consent orders did not require any of the three executives to confess guilt or innocence as part of the agreements.
OCC enforcement actions against FNB and its former executives go back as far as 2000. Allegations from the federal regulators have included &8220;unsafe or unsound bank practices,&8221; violations of law and conflicts of interest.
Harrison has denied charges made against him and his sisters in previous interviews with the Reporter, but could not be reached to comment for this story. He also filed an answer with the OCC denying allegations, according to public documents.
Since Fall 2005, at least eight other former bank employees or FNB board members have agreed to OCC fines ranging from $5,000 to $20,000