April 29, 2016 6:57 PM ET

Banks

Company Overview of Bank of Mingo

Company Overview

Bank of Mingo provides personal and business banking products and services. It offers personal banking products and services that include checking and savings accounts, loans/mortgages, and CDs and IRAs. The company also provides business banking products and services that include business checking accounts, money market savings accounts, and business loans. In addition, it offers online banking services. The company was founded in 1976 and is based in Williamson, West Virginia with locations in Gilbert, Delbarton, Matewan, Williamson, and Naugatuck, West Virginia.

10 Commerce Bank

Belo Industrial Park

Williamson, WV 25661

United States

Founded in 1976

Phone:

304-475-1900

Fax:

304-475-4160

Key Executives for Bank of Mingo

Bank of Mingo does not have any Key Executives recorded.

Bank of Mingo Key Developments

Financial Crimes Enforcement Network Penalizes Bank of Mingo for Bank Secrecy Act Violations

FinCEN (U.S. Treasury's Financial Crimes Enforcement Network) announced the assessment of a $4.5 million civil money penalty against Bank of Mingo, for 'willfully' violating the Bank Secrecy Act. The bank had severe and systemic failures in many aspects of its anti-money laundering program, which resulted in processing millions of dollars in structured and suspicious cash transactions. The bank serviced high-risk customers without effectively monitoring their accounts for suspicious activity. Specifically, from 2008 through 2013, the bank had significant deficiencies in all aspects of its AML program. In 2013, a federal judge sentenced three Aracoma Contracting LLC officials after the men pleaded guilty to structuring at least $2.2 million through the bank. FinCEN coordinated its enforcement action with actions by the FDIC and the U.S. Attorney's Office for the Southern District of West Virginia. The total penalty of $4.5 million includes $2.2 million forfeited to the U.S. Department of Justice in connection with a deferred prosecution agreement between the bank and the U.S. Attorney's Office.

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