The Federal Reserve prohibits Thomas Engelbrecht from engaging in banking activities and fines him $125,000.
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The Federal Reserve announced a ban on Thomas Engelbrecht from participating in banking activities and imposed a $125,000 fine. Thomas Engelbrecht is the former CEO of Bank of Eufaula and former director of Bank of Eufaula and S N B Bancshares, Inc. Thomas Engelbrecht abused his position to prompt the bank to provide imprudent credit extensions to his relatives' companies and participated in falsifying board meeting minutes.
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