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Bank of Clark County exec sentenced to four months in prison

first_imgFormer Bank of Clark County executive David Kennelly on Friday was sentenced to four months in prison for hiding loan appraisals from Federal Deposit Insurance Corp. examiners in the months before the bank’s failure. The sentence, issued by U.S. District Court Judge Robert J. Bryan in Tacoma also included three years of supervised release and a $5,000 fine for the Vancouver resident. “It is appropriate that there be a sentence that allows others to look and say, ‘This is serious’ … and encourages other bankers to be honest with the FDIC,” Bryan said in a statement.Kennelly, 49, pleaded guilty in February to a “scheme to conceal material facts,” a felony charge that carried a maximum potential sentence of five years in prison and a fine of $250,000. He admitted to hiding appraisals in November 2008 on 17 properties that had lost significant value and represented a large loan loss to the bank. As a result, FDIC inspectors told the bank to set aside $3.5 million in loan-loss reserves, instead of the $16.7 million the regulators would have required with the correct information. The bank’s rating was subsequently downgraded, and regulators seized the bank about two months later, on Jan. 16, 2009.last_img read more

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