An FDIC hearing into the banking practices of the former board chairman of Grand Rivers Community Bank is scheduled to begin January 17 in the Bankruptcy Court at the Thomas F. Eagleton U.S. Courthouse I Eastern District of MO, 111 South 10th St., St. Louis, MO.

Frank "Bill" Bonan, Jr. has been under scrutiny by the FDIC for improper behavior in the banking industry while alleging he put the bank and others at risk with his banking practices. The FDIC announced their intent in May 2021 to prohibit him from further participation in the bank’s leadership and any participation in the conduct or the affairs of any insured depository institution or organization without prior written approval of the FDIC or other federal regulatory agency. (See The Villagers' Voice previous report here.) Bonan was also fined $105,000 for “reckless practices” and personal dishonesty that jeopardized Grand Rivers Community Bank, headquartered in Grand Chain. Bonan refutes the allegations by the FDIC’s Enforcement Counsel in a November summary judgment hearing,which was requested by both parties. [Read more...]