Federal Reserve Board – Federal Reserve Board issues enforcement action with former employee of Bank of Eufaula and S N B Bancshares, Inc.

The Federal Reserve Board on Thursday announced that it had prohibited Thomas Engelbrecht from future participation in the banking industry and fined him $125,000.

Engelbrecht is the former chief executive officer of Bank of Eufaula and a former director of the bank and its holding company, S N B Bancshares, Inc. In his former roles, Engelbrecht leveraged his position to cause the bank to provide imprudent extensions of credit to his relative’s company and he participated in the fabrication of board meeting minutes.

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