The FDIC (Federal Deposit Insurance Corporation) determined in May this year that Frank William Bonan II, as Chairman of the board at Grand Rivers Community Bank, Grand Chain, Ill., recklessly participated or engaged in unsafe or unsound practices in connection to the bank and breached fiduciary duties owed the bank, stating it was part of a pattern of misconduct and caused the bank to suffer financial loss or other damage, according to a regulatory report.
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