The FDIC and FinCEN announced the assessment of civil money penalties of $15 million against First Bank of Delaware, based in Wilmington, Del.
“To make money, First Bank of Delaware entered into risky lines of business and chose to disregard its Bank Secrecy Act responsibilities,” said FinCEN Director Jennifer Shasky Calvery in a prepared statement. “As a result of its failure to implement systems and controls to identify and report suspicious activities, as required by the BAS, financial predators were able to victimize customers.”
The bank was stripped of its charter and deposit insurance. Certain assets of First Bank of Delaware were purchased by Bryn Mawr Trust Company, which also assumed the bank’s deposit liabilities.