LINCOLN, Neb. -- Federal officials have banned a former president of Omaha State Bank from banking indefinitely.
The Federal Deposit Insurance Corp. says Michael Dahir, who served as the bank's president and CEO from 1988 until 2012, breached his fiduciary duty to the bank and caused it to incur losses.
The FDIC hit the bank with a consent order in March 2012, after finding 20 areas in which it said the bank needed to improve management and/or supervision. The bank later merged with another Omaha bank, Centennial to form Core Bank.
In its order released Friday, the FDIC also ordered Dahir to pay a civil penalty of $70,000.
Dahir agreed to both the ban and the fine without admitting any wrongdoing.