Judges: LINDA M. RIGOT
Agency: Department of Financial Services
Latest Update: Nov. 20, 1985
Summary: There is no factual basis to support granting Respondent's application for a bank charter. The application is flawed and could not be repaired by amendments.
85-0391.PDFSTATE OF FLORIDA
DIVISION OF ADMINISTRATIVE HEARINGS
JEFFERSON NATIONAL BANK AT ) SUNNY ISLES, )
)
Petitioner, )
)
vs. ) CASE NO. 85-0391
)
SUNNY ISLES BANK and )
OFFICE OF COMPTROLLER, )
)
Respondents. )
)
HEARING OFFICER'S REPORT
Pursuant to Notice, this cause was heard by Linda M. Rigot, the assigned Hearing Officer of the Division of Administrative Hearings, on June 20 and 21, 1985, in Miami, and on June 24, 1985, in Tallahassee, Florida. The parties completed their post-hearing submissions on August 27, 1985, and pursuant to a telephonic conference filed an agreement as to the confidential portions of the record in this cause on November 8, 1985.
Petitioner Jefferson National Bank at Sunny Isles was represented by Kendall B. Coffey and Julie K. Oldehoff, Esquires, Miami, Florida; Respondent Sunny Isles Bank was represented by Shalle Stephen Fine, Esquire, Miami, Florida and Respondent Office of Comptroller was represented by Carl Mortstadt, Esquire, Tallahassee, Florida.
On February 4, 1985, the Office of the Comptroller transmitted to the Division of Administrative Hearings for the conduct of an evidentiary hearing Jefferson National Bank of Sunny Isles' Petition for Public Hearing on the Application for Authority to Organize a Bank Pursuant to Chapter 658, Florida Statutes, Filed on Behalf of Sunny Isles Bank (Proposed), to be located at 17140 Collins Avenue, Miami Beach, Florida 33160.
That Petition seeks the denial by the Office of the Comptroller of the State of Florida of the application for a commercial bank charter sought by the organizers of the proposed Sunny Isles Bank.
Petitioner Jefferson National Bank at Sunny Isles presented the testimony of Julius Littman Jeffrey Phillip Agron Peggy Bieley: Joel Pironti: Harold F. Perry, Jr.: Barton Goldberg, and by way of deposition Sylvia Lazare, Christine Lee Mallock, Arthur Horowitz, Alvin Stern, Martin Dayton, Robert S. Oller, and David Samson. Additionally, Jefferson's Exhibits numbered
were admitted in evidence.
Respondent Sunny Isles Bank presented the testimony of Morris Massry, David M Starke, Alvin Stern, Julius Littman, and by way of deposition Charles Rosen and Warren Welk.
Additionally, Sunny Isles' Exhibits numbered 1-5 and 7-9 were admitted in evidence.
No witnesses testified on behalf of the Office of the Comptroller. However, Comptroller's Exhibits numbered 1-10 were admitted in evidence. Comptroller's Exhibit numbered 10 is the confidential file of the Office of Comptroller.
By Protective Order entered this date, certain documents filed with the Division of Administrative Hearings and certain exhibits admitted in evidence during the final hearing in this cause have been deemed confidential and the contents thereof have been sealed from public disclosure pursuant to section 655.057(2), Florida-Statutes. In further compliance with that statute, all Findings of Fact relating to those confidential matters have been deleted from this Hearing Officer's Report and appear instead in their appropriate consecutively-numbered paragraphs in Exhibit "A" to this Hearing Officer's Report.
Those matters appearing in Exhibit "A" are and shall remain confidential and are subject to the restrictions set forth in that Protective Order.
Petitioner Jefferson National Bank at Sunny Isles and Respondent Sunny Isles Bank have submitted post-hearing proposed findings of fact. A ruling on each proposed finding of fact appears in abbreviated form in the Appendix to this Hearing Officer's Report.
FINDINGS OF FACT
This proceeding results from the filing of an application for a commercial bank charter by Respondent Sunny Isles Bank (proposed) (hereinafter "Sunny Isles Bank") with the Respondent Office of Comptroller (hereinafter "Comptroller") on August 9, 1984. The organizers of the proposed Sunny Isles Bank were originally listed as Sami Behar, Martin Dayton, Arthur
Horowitz, Sylvia Lazare, Julius Littman, Christine Mallock, Morris Massry, Robert S. Oller, and Alvin Stern. Thereafter, Sami Behar's name was withdrawn. At no time have any names of proposed officers been advanced.
The organizers who are also the proposed directors propose to locate a new bank at 17140 Collins Avenue, Miami Beach, Florida.
That proposed location falls within a community commonly known as Sunny Isles. Sunny Isles falls within the primary service area (hereinafter "PSA") designated by the organizers and has an eastern border of the Atlantic Ocean, a western border of the Intracoastal Waterway, a southern reach to Baker's Haulover Cut and a northern boundary at the southern edge of Golden Beach. Additionally, the organizers define their proposed PSA to include, to the west of Sunny Isles, an area called Eastern Shores, which is part of the City of North Miami Beach. The organizers' delineation also includes in their proposed PSA the town of Golden Beach lying north of Sunny Isles.
The protestant Petitioner Jefferson National Bank at Sunny Isles (hereinafter "Jefferson") is a commercial bank located within the designated proposed PSA.
In the charter application they certified as true and correct, the proposed directors made intentional mis- representations as to stock subscriptions for the proposed Sunny Isles Bank. Completely omitted are approximately a dozen stock subscribers. The application misrepresented the ownership of the
stock at the time it was filed with the Comptroller, and the proposed directors have continued to fail to disclose at any subsequent time the facts which had been omitted.
The application further misrepresents the shares subscribed to by Morris Massry. The application states that Massry had subscribed to 10,000 shares of the proposed Sunny Isles Bank. In fact, the stock subscription agreements produced by the proposed Sunny Isles Bank show that Massry subscribed to only 5,000 shares of the proposed bank stock.
The charter application also misrepresents the number of shares owned by Julius Littman by indicating that Littman owned 10,000 shares as of August 7, 1984, the date the application was filed. However, the subscription agreements
reveal that Littman owned only 5,000 shares on that date although he has subsequently purchased 6,000 additional shares.
The application falsely represents that, at the time of filing, no relative of a proposed director had subscribed to shares of stock in the proposed Sunny Isles Bank. In fact, Jack Massry, the brother of Morris Massry, had, as of August 7, 1984, subscribed to 5,000 shares of stock in the bank. The applicants have further failed to notify the Comptroller in writing at any subsequent time of this omission.
The application also falsely represents that no elected or appointed public official other than Julius Littman was a stock holder at the time of filing the application. In fact, Joseph Moffat, an elected city councilman in North Miami Beach, had subscribed to 2,500 shares before August 7, 1984. Littman is and has been a member of the North Miami Beach city council along with Moffat and, accordingly, knew at the time the application was filed of Moffat's public official status. Again, the applicants have failed to subsequently disclose this misrepresentation to the Comptroller.
See Confidential Exhibit "A".
See Confidential Exhibit "A".
In addition to the above-described misrepresentations contained in the application, various false statements and omissions are found in the organizers' biographical reports. Alvin Stern knowingly withheld the information that numerous complaints had been filed against the Royal Glades Convalescent Home of which Stern was the principal owner for many years.
Stern also failed to disclose, as was required in Section ll(C) of his biographical report, the fact that a number of investigations by the Department of Health and Rehabilitative Services had been undertaken with respect to Royal Glades.
Stern testified at the final hearing that such investigations were known to him at the time they were undertaken, yet, he offered no explanation for failing to disclose those investigations.
See Confidential Exhibit "A".
See Confidential Exhibit "A".
See Confidential Exhibit "A".
There is nothing ambiguous about the disclosure forms the organizers of Sunny Isles Bank failed to complete honestly. Further, there is nothing unclear about the certification each executed. The numerous misrepresentations made by those organizers in the application and supporting biographical reports reveal a lack of honesty for a position of public trust which requires ongoing and truthful disclosure to regulatory authorities.
In addition to the misrepresentations made by them, the proposed directors evidence a consistent pattern of indifference to their prospective positions and responsibilities as directors of the Sunny Isles Bank. Christine Mallock not only failed to read the charter application but cannot read English. Yet, she certified the truth and correctness of the application.
Although she believes it is "flattering" to be a director of a bank, she does not know what a director or a bank does and has no information regarding the plans for the proposed Sunny Isles Bank.
Alvin Stern, another proposed director, is also unfamiliar with banking and the duties of a bank director. He has no knowledge of any plans for the proposed bank including the marketing, deposit mix, or services to be offered. He is further unaware if any of the other proposed directors have any banking experience.
Martin Dayton, another proposed director of the bank, has no banking experience except as a bank customer and testified to having no idea what his duties as a director would entail other than attending meetings. Dayton has no knowledge of the proposed bank's services or plans for operation. Dayton became involved with and invested in the proposed bank without doing any investigation as to the soundness of the investment opportunity or the actual functioning of the bank.
Robert Oller, another organizer of the proposed bank, has no understanding about the proposed bank or his duties as a director. He does not know what services the bank will offer or what customer base it expects to develop. Moreover, he has not read the charter application, despite his signature on the application certifying that it is true and correct to the best of his knowledge and belief.
Arthur Horowitz, another proposed director of the proposed bank, is primarily interested in the bank because he
"would like to have been involved in a bank." Horowitz has no idea what his duties as a director would be and assumes that the job would take only a few hours a week. He did not fully read the application before it was submitted, nor did he ever discuss it with Littman.
See Confidential Exhibit "A".
Massry was selected by Littman to be a director of the proposed bank in the hope that he would bring funds into the bank. Massry resides primarily in Troy, New York, but recently has begun spending approximately one week per month in Broward County where he has acquired certain rental units. Even though Massry is touted as the "money man" for the proposed bank, he has made no agreement with his partners to move any of the funds relating to their Broward County investments to the proposed Sunny Isles Bank in Dade County, let alone into a non-interest- bearing account at that proposed bank. He further testified that he is satisfied with the services he receiyes from the bank in Broward County with which he currently does business. Massry has no current ties to the Sunny Isles area and, if approved as a director, would be expected to have limited participation in the affairs of the Sunny Isles Bank.
Julius Littman is the chief organizer of the proposed Sunny Isles Bank. He admitted at the final hearing to having "hand-picked" only his friends and relatives to be proposed directors of the Bank in order that he could control them. It was interesting to note Littman's testimony since he primarily testified in terms of "my bank", "I will", and "I decided." Although Littman's wife, Sherry Littman, has not yet been proposed as a director, Littman testified that he intended to make her a director along with his mother-in-law, Sylvia Lazare. Littman's intention of controlling his friends and relatives at "his bank" explains, most likely, the reason why no proposed director other than Littman knows anything about the other directors; the bank's marketing plans, its proposed services and interest rates, or its proposed customer base. Littman's plan has apparently been successful thus far in that each of the proposed directors signed the application filed with the Comptroller without asking questions and without reading the application to know the contents. Each person appears to have simply signed the paper handed to them with "no questions asked" even though that paper contained a statement that each director was certifying that the application was true and correct.
Littman undertook his efforts to create "his bank" while he was a member of the Advisory Board of Jefferson National Bank and while his wife Sherry Littman and his mother- in-law Sylvia Lazare were employees of Jefferson National Bank. Although Littman testified that his wife has had no involvement with his bank, she is the person who wrote to the Comptroller on stationery of Jefferson National Bank regarding the forms necessary to file the application for the proposed Sunny Isles Bank. Littman sees no conflict of interest in he and his wife and his mother-in-law organizing a bank to compete with Jefferson National while he served on Jefferson's Advisory Board and while his wife and his mother-in-law were employed by Jefferson since they began their efforts during a time when it appeared as though Jefferson might be sold. Not only did that fail to take place, but no contract for sale was ever executed. When the talk about Jefferson's alleged sale ceased, however, Littman's efforts did not.
While still a member of Jefferson's Advisory Board, Littman approached two of Jefferson's officers (other than his wife and his mother-in-law) in an attempt to interest them in coming to work at the proposed Sunny Isles Bank.
During the time that Littman served as an Advisory Board member at Jefferson, he, as subscription agent, was selling stock subscriptions in the proposed Sunny Isles Bank.
Although Littman testified that he did not ask any of the proposed directors of the Sunny Isles Bank to keep the bank's organization a secret, the testimony of several of the directors establishes that Littman specifically requested that they not reveal the creation or the plans of the proposed bank.
No proposed director of the proposed bank has any direct banking experience as required by law for approval of a bank charter application. The evidence is uncontroverted that only two of the proposed directors are alleged to have the direct banking experience required for any proposed bank: Julius Littman and his mother-in-law Sylvia Lazare. Littman's only banking experience is his membership on the Advisory Board at Jefferson. However, his role on that Advisory Board was honorary, and he served in only a community relations function. His involvement as an Advisory Board member gave him no direct experience in the operation of the bank since Jefferson did not involve its Advisory Board members in any decisions regarding the bank's operation but rather involved them only as reporters of the community's perception of Jefferson National Bank.
Sylvia Lazare also lacks the banking experience required by the Comptroller. Although the application represents her to have been an officer at Jefferson National Bank familiar with all phases of banking, the evidence introduced at the final hearing in this cause clearly shows that her employment with Jefferson was as a Community Relations Officer, that is, someone who solicits customers for the bank and who helps existing customers with personal services such as filling out their deposit slips for them. Lazare testified directly opposite to the representation of her experience made in the application filed with the Comptroller. She testified that she is not familiar with the mechanics of loan transactions, nor does she understand such basic banking concepts as acceleration of indebtedness or waiver of acceleration. She has never worked in operations, has never been employed as a teller, has never made loans, and has not worked in the bookkeeping department of a bank. Most significantly, she herself admitted that she is not qualified to do anything as a bank officer or director other than community relations work.
Based upon Lazare's own testimony; her inclusion in the application is a sham. She was unaware that she was to be a director of the proposed Sunny Isles Bank, was not even asked by Littman to be one, and is not interested in being a director. Although Lazare signed the charter application for the proposed bank certifying that the application was true and correct to the best of her knowledge, she never read the application and never knew that Littman was proposing her as a director.
Although Sunny Isles Bank argues that any deficiency in its proposed board of directors can be cured by simply substituting other proposed directors and does not justify the denial of the application for a charter, that argument overlooks the repeated misrepresentations and complete ignorance and indifference to banking and to a director's responsibility to the public and regulatory authorities so that the substitution suggested would require a substitution of the entire proposed board of directors. Even if an entirely new proposed board of directors were required, such a substitution would not overcome Littman's stated intent of selecting only directors who would be controlled by him, a control which involves conflict of interest and intentional misrepresentations both to a regulatory agency and under oath in the formal proceeding in this cause.
A bank's PSA is the small geographical area from which a proposed bank expects to draw approximately seventy-five percent of its deposits.
The proposed Sunny Isles Bank improperly delineates its PSA by adding Eastern Shores and Golden Beach to the Sunny Isles community. The correct PSA for the proposed Sunny Isles Bank consists of the traditional Sunny Isles area and is bounded on the east by the Atlantic Ocean, on the south by Baker's Haulover Cut, on the west by the Intracoastal Waterway, and on the north by the southern limits of the town of Golden Beach.
By improperly including Eastern Shores and Golden Beach in its PSA, the organizers somewhat improved the demographic and age characteristics of its PSA population. The inclusion of these two residential areas reduces the average age of the population and increases the affluence and size of the population.
There is no data base for including the residents of Eastern Shores and Golden Beach in the proposed PSA for the Sunny Isles Bank. Rather, the actual deposit experience of Jefferson, located in Sunny Isles, reveals that it is not realistic to project significant deposit levels from Eastern Shores or Golden Beach. Residents of Eastern Shores are more likely to head toward the mainland and the 163rd Street Shopping Center commercial areas for their shopping and banking needs, while residents of the Golden Beach area are more likely to travel to Aventura Mall across the William Lehman Causeway or north to the Hallandale commercial centers for their shopping and banking needs. There is no basis for the assumption that residents of Eastern Shores and Golden Beach who have not historically shopped and banked in the Sunny Isles area will suddenly do so if a charter is granted to the proposed Sunny Isles Bank.
Within the PSA proposed by the Sunny Isles Bank, there are ten offices of financial institutions offering commercial and personal banking services. These financial institutions include savings and loan associations as well as commercial banks. The evidence shows without dispute that services provided in this area by savings and loan associations and commercial banks are essentially similar. Although Jefferson is the only home office commercial bank in the PSA, there is no meaningful distinction between a home office institution and a branch office institution in the Sunny Isles area.
Other facts confirm a less than dynamic commercial base for the proposed bank. The population of the service area projected by the proposed Sunny Isles Bank is 24,800. Of this number, approximately fifty-two percent are age 65 or over. The PSA as properly defined has a population of approximately 16,200, of which sixty percent are age 65 or over.
Median family income using either the proposed PSA or the properly defined PSA falls below both the state and county average. The Sunny Isles area, in which the proposed bank wishes to locate, attracts tourists and transient residents, and the primary industry in Sunny Isles is tourism.
Tourism, however, has declined significantly in the Sunny Isles area. Many hotels and motels have been converted to condominiums which now house transient residents. In fact, the declining economic condition of Sunny Isles is a matter of such grave concern as to prompt a study by a Dade County Task Force which concluded that, among other things, a budget of approximately $15.8 million would be necessary to begin to revitalize the troubled Sunny Isles tourist economy. Elderly residents, such as those in the Sunny Isles area, primarily make use of a bank's deposit services, based upon a tendency of an elderly population to save and not to spend. Therefore, there is less need for the traditional banking services of lending, and financial institutions are primarily recipients in such an area of time deposits rather than demand deposits.
No evidence was offered by the proposed Sunny Isles Bank to indicate that the banking needs of the proposed PSA are not being met by the financial institutions presently servicing the area. To the contrary, testimony establishes that the Sunny Isles area is, in fact, highly competitive with respect to the banking business and in particular with respect to loans and lending transactions.
The proposed Sunny Isles Bank has not demonstrated any ability to service the Sunny Isles area any differently or any better than the various savings and loan associations and commercial banks already established there. Accordingly, it offers no significant additional services at a substantial advantage or convenience to a significant number of people. Although Sunny Isles expects to have restricted Saturday banking hours, the evidence is not clear that this service is not already available through the other financial institutions in the area or that there is a need for Saturday banking hours in an area populated by tourists and retired persons.. Although
the proposed Sunny Isles Bank intends to have a "drive-in" teller area, there is no evidence to suggest that this is a service not already available within the Sunny Isles area or that such a service would cause any residents of Eastern Shores or Golden Beach to begin banking in Sunny Isles where they have not banked previously.
Of the 270 businesses in the Sunny Isles area in December, 1984, one-third were vacant. While some new businesses may have opened more recently, there is no evidence that economic conditions have, as of this time, improved significantly.
Between 1980 and 1984 twenty-five percent of the motel units in the Sunny Isles area were either converted to condominiums or closed. No new motels have been built since 1980. Further, no new residential development has been completed in the past few years in the Sunny Isles area.
Especially in this troubled climate, the proposed Sunny Isles Bank's projection of $7.5 million in deposits after one year is unrealistic and without evidentiary support in the record. The deposits projected by the organizers are far in excess of the actual experience of other banks in the proposed PSA. In fact, the organizers project a growth rate seven times that of Pan American's Sunny Isles bank and four times that of County National in Eastern Shores. The record fails to show a basis for the organizers' projected growth rate or projections in deposit levels or types for the proposed Sunny Isles Bank.
Moreover, in the Sunny Isles area demand deposits fell by forty-five percent between December 1979 and December 1983.
In view of this clear trend; the proposed Sunny Isles Bank's expected ratio of time to demand deposits is clearly unrealistic. Despite its projections of ratios of 1.5 to 1 in the first year, 1.9 to 1 in the second year and 2.3 to 1 in the third year, the experiences of other banks in the PSA indicate that a proper time to demand deposit ratio is approximately 4 to
In fact, the most recent statistics show that the total amount of demand deposits have fallen from September 1983 through September 1984 in the PSA delineated by the organizers.
The proposed Sunny Isles Bank has also projected unrealistically its rental expenses with respect to the banking premises it proposes to occupy. The unaccounted-for expenses
will require at least an extra $16,000 in rental liabilities, plus an annual cost of living increase.
The proposed Sunny Isles Bank also unrealistically projected $40,000 as sufficient for contingency and other expense items. A review of overlooked expenses indicate that attorneys' fees, insurance, accounting fees, real estate taxes and other expenses were not estimated while other anticipated expenses are significantly understated. The proposed Sunny Isles Bank further unrealistically projected that it would be able to immediately sublease 2,600 square feet of space at the proposed site of the banking house. This is a questionable expectation in an area with a significant vacancy rate.
The proposed Sunny Isles Bank also failed to include in its budget a large accrued rental which has accumulated from December 1, 1984, according to the terms of the executed lease admitted in evidence herein. That sum is significant.
In view of the evidence showing that both deposit levels and deposit mix will fall far short of the figures needed for profitability, and in light of the likelihood that their expenses will be substantially higher than reported by the organizers, there is no basis for concluding that the proposed Sunny Isles Bank will become profitable within three years. Accordingly, the organizers of the proposed Sunny Isles Bank have not shown that local conditions indicate reasonable promise for successful operation.
There is no factual basis which would support the granting of the application for a charter for the proposed Sunny Isles Bank since there is no proposed director who has exhibited the necessary qualifications to be a director of a bank in Florida, since the-primary service area was improperly delineated causing many of the figures relied upon in the application to be invalid, since there is no showing that any public convenience and advantage would be served by the establishment of an additional commercial bank in the Sunny Isles area--let alone a substantial convenience and advantage for a significant number of people, and since there does not appear to be a reasonable promise of successful operation for the proposed Sunny Isles Bank. These deficiencies in the application prohibit any amendment to the application that would qualify it for the grant of a charter.
DONE and ORDERED this 20th day of November, 1985, at Tallahassee, Florida.
LINDA M. RIGOT, Hearing Officer Division of Administrative Hearings The Oakland Building
2009 Apalachee Parkway
Tallahassee, Florida 32301
(904) 488-9675
Filed with the Clerk of the Division of Administrative Hearings this 20th day of November, 1985.
COPIES FURNISHED:
Gerald Lewis, Comptroller State of Florida
The Capitol Tallahassee, FL 32301
Carl Morstadt, Esquire Office of the Comptroller The Capitol, Suite 1302 Tallahassee, FL 32301
Kendall B. Coffey, Esquire Julie K. Oldehoff, Esquire 1401 Brickell Avenue, PH-1 Miami, FL 33131
Shalle Stephen Fine, Esquire
46 S.W. 1st Street Miami, FL 33130
Michael Colodny, Esquire 626 N.E. 124th Street North Miami, FL 33131
APPENDIX
The following proposed findings of fact of Jefferson National Bank at Sunny Isles have either been adopted verbatim or have been adopted as modified to conform to the evidence: 2- 5, 11-22, 25, 26, 28, 31-42, 47-51, 53-59, and 61-70
The following proposed findings of fact of Jefferson National Bank at Sunny Isles have been rejected "as not
constituting findings of fact but as constituting either argument of counsel or conclusions of law: 1, 6-10, 23, 24, 43-
46, 52, and 60.
The following proposed findings of fact of Jefferson National Bank at Sunny Isles have been rejected as not being supported by competent, substantial evidence: 27.
The following proposed findings of fact of Jefferson National Bank at Sunny Isles have been rejected as being subordinate: 29 and 30.
The following proposed findings of fact of Sunny Isles Bank have been rejected as not constituting findings of fact but as constituting either argument of counsel or conclusions of law: 1-3, 9, and 10.
The following proposed findings of fact of Sunny Isles Bank have been rejected as not being supported by competent, substantial evidence: 4-8.
STATE OF FLORIDA
DIVISION OF ADMINISTRATIVE HEARINGS
JEFFERSON NATIONAL BANK AT ) SUNNY ISLES, )
)
Petitioner, )
)
vs. ) CASE NO. 85-0391
)
SUNNY ISLES BANK and )
OFFICE OF COMPTROLLER, )
)
Respondents. )
)
PROTECTIVE ORDER
Pursuant to section 655.057(2), Florida Statutes, the parties hereto have agreed that the following documents are and shall remain confidential:
The "confidential portion" of the file of the Office of the Comptroller;
Jefferson's Proposed Findings of Fact numbered 20, 21, 22, 23, 27. and 34:
The Post-Hearing Brief of Jefferson National Bank at Sunny Isles, and
The Transcript of Proceedings taken at the final hearing in this cause.
In furtherance of that agreement, it is, therefore, ORDERED THAT:
The above-enumerated documents may be examined and used only by the parties hereto and any reviewing court for the sole purpose of reaching a final adjudication of the merits of this cause.
The above-enumerated documents and their contents are not available to public scrutiny and may not be publicly disclosed.
The parties hereto (including their agents, employees, and representatives), court reporters (including their employees), and employees of the Division of Administrative Hearings shall not disclose in any manner any information contained within the above-enumerated confidential documents.
Those confidential documents retained in the possession of the Division of Administrative Hearings shall be maintained in a sealed envelope which cannot be opened except by Order of a Hearing Officer before whom this matter may be pending or pursuant to an order of any court of competent jurisdiction.
Exhibit "A" to the Hearing Officer's Report in this cause issued this date is hereby made subject to this Order.
DONE and ORDERED this 20th day of November, 1985, at Tallahassee, Florida.
LINDA M. RIGOT, Hearing Officer Division of Administrative Hearings The Oakland Building
2009 Apalachee Parkway
Tallahassee, Florida 32301
(904) 488-9675
Filed with the Clerk of the Division of Administrative Hearings this 20th day of November, 1985.
COPIES FURNISHED:
Gerald Lewis, Comptroller State of Florida
The Capitol Tallahassee, FL 32301
Carl Morstadt, Esquire Office of the Comptroller The Capitol, Suite 1302 Tallahassee, FL 32301
Kendall B. Coffey, Esquire Julie K. Oldehoff, Esquire 1401 Brickell Avenue, PH-1 Miami, FL 33131
Shalle Stephen Fine, Esquire
46 S.W. 1st Street Miami, FL 33130
Michael Colodny, Esquire 626 N.E. 124th Street North Miami, FL 33131
STATE OF FLORIDA
DIVISION OF ADMINISTRATIVE HEARINGS
JEFFERSON NATIONAL BANK AT SUNNY ISLES,
Petitioner,
vs. CASE NO. 85-0391
SUNNY ISLES BANK and OFFICE OF COMPTROLLER,
Respondents.
/
EXHIBIT "A"
Confidential Portion of Hearing Officer's Report *
* Not provided as an attachment to this Hearing Officer's Report.
Docket for Case No: 85-000391
Orders for Case No: 85-000391
| Issue Date |
Document |
Summary |
|
Nov. 20, 1985 |
Recommended Order
|
There is no factual basis to support granting Respondent's application for a bank charter. The application is flawed and could not be repaired by amendments.
|
