Eastern Savings Bank executive agrees to settlement

Banker was accused of improperly altering loan documents

March 25, 2011|By Hanah Cho, The Baltimore Sun

An executive of Hunt Valley-based Eastern Savings Bank, who was accused of improperly altering documents for loans approved by another financial institution, has agreed to a "cease and desist" agreement with federal regulators.

Under the order issued last month, Jonathan I. Feldman, an Eastern Savings senior vice president, agreed to meet corrective actions, including completing 40 hours of regulatory training annually, not having sole lending authority for loans over $50,000 and not participating as a voting member of a board or loan committee at the bank.

The Office of Thrift Supervision had sought to remove Feldman from Eastern Savings after accusing Feldman of altering documents for loans totaling $3.35 million without the knowledge of ESSA Bank & Trust, based in Stroudsburg, Pa.

Feldman agreed to pay restitution of $230,000 to ESSA Bank. Moreover, he agreed to pay a $125,000 fine.

Feldman's attorney Frank C. Bonaventure Jr. of Ober Kaler in Baltimore said Friday that the matter has been settled and declined additional comment.


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