Press Release

June 24, 2022 Federal Reserve Board issues enforcement action with former institution-affiliated party of Golden Pacific Bancorp, Inc. For release at 1:30 p.m. EDT Share The Federal Reserve Board on Friday announced that it had prohibited Karl K. Klessig from future participation in the banking industry for fraud in his application to acquire control of Golden Pacific Bancorp, Inc., a former bank holding company in Sacramento, California. Applicants seeking approval to acquire control of Board-regulated institutions must accurately disclose the source of funding for the acquisition. In his application, Klessig falsely represented that he had obtained a loan to finance his purchase of a controlling interest in Golden Pacific Bancorp. Following the Board's discovery of the false representations, Klessig withdrew his application. For media inquiries, please email [email protected] or call 202-452-2955. Attachment (PDF)

Federal Reserve (2022, June 23). Press Release. Press Releases, Federal Reserve. https://whenthefedspeaks.com/doc/press_release_20220624_federal_reserve_board_issues_enforcement_action

@misc{wtfs_press_release_20220624_federal_reserve_board_issues_enforcement_action,
  author = {Federal Reserve},
  title = {Press Release},
  year = {2022},
  month = {Jun},
  howpublished = {Press Releases, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/press_release_20220624_federal_reserve_board_issues_enforcement_action},
  note = {Retrieved via When the Fed Speaks corpus}
}