Regulators Issue Penalties Against Silverado Bosses

Regulators today penalized two directors of the failed Silverado, Banking Savings and Loan Assn. in Denver, which once listed President Bush’s son Neil as a director.

The directors--Richard K. Vandapool and Robert M. Lewis--agreed to an order prohibiting them from working at any federally insured financial institution without prior approval from regulators. The order covers commercial banks, savings institutions and credit unions.

No action was announced against Neil Bush, who served on Silverado’s board from 1985 until August, 1988.

But the Office of Thrift Supervision said it is still investigating the S&L.; The office said it expects to take actions against other former Silverado directors and senior management soon.

Vandapool was chief operating officer of Silverado. Lewis was chief financial officer. Both formerly were also vice chairmen of Silverado. The two agreed to the penalty without admitting or denying the allegations against them.