Ex-Bank Chairman Ferrante Banned

Federal regulators have permanently banned Robert A. Ferrante from running a federally insured bank or savings and loan.

Ferrante was chairman and sole owner of Consolidated Savings Bank in Irvine, which failed in 1986.

Ferrante agreed to the ban but didn’t admit or deny there were grounds for a hearing against him, said the federal Office of Thrift Supervision.

Federal regulators said Consolidated under Ferrante’s direction violated restrictions on loans to people associated with Ferrante, failed to document those loans, at least one of which was for $9.5 million, and exceeded the limit on loans to one person.

“Ferrante’s conduct caused the institution to suffer substantial loss,” the Office of Thrift Supervision said.

Federal savings and loan regulators began proceedings to ban Ferrante from the industry when Consolidated failed seven years ago. The proceedings were put on hold when the federal government filed criminal charges against Ferrante.

When he was acquitted last year, regulators resumed trying to bar him from the banking industry.