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River City Market, Inc., a Licensed Casher of Checks, 
has entered into a Settlement Agreement with the Superintendent of Banks which includes a $17,500 fine.


In the Matter of
RIVER CITY MARKET INC.
A Casher of Checks Licensed Pursuant
To Article IX-A of the New York 
Banking Law

               (Respondent)


SETTLEMENT AGREEMENT

WHEREAS, River City Market Inc. (“River City” or the “Licensee”), with its main office located at 270 Main Mall, Poughkeepsie, New York 12601, originally was granted a license on January 20, 1995 to engage in business as a licensed casher of checks pursuant to Article IX-A of the New York Banking Law (the “Banking Law”) by the Superintendent of Banks (the “Superintendent”) of the New York State Banking Department (the “Banking Department”); and  

WHEREAS, in recognition of their common goals to ensure compliance by the Licensee with applicable federal and state laws, rules and regulations and to manage the financial, operational, legal, reputational and compliance risks of the Licensee, the Banking Department and the Licensee have mutually agreed to enter into this Settlement Agreement (“Agreement”); 

WHEREAS, an examination of River City, dated as of November 26, 2004, revealed numerous violations of the Banking Law Section 373.1(b), relating to the cashing of checks in excess of certain enumerated allowed amounts; violations of Part 400.3(a) of the Superintendent’s Regulations  (“Part 400”), which requires the licensee to maintain a complete large item log of daily checks cashed exceeding $1,500; violations of Part 400.3(b)(11)(ii), regarding  microfilm requirements that requires the licensee to verify that all microfilm records are maintained in an accurate and legible form; violations of Part 400.6(b)(3), relating to the cashing of checks for makers who have a history of being dishonored  on more than two occasions.  

WHEREAS, the Superintendent and the Licensee mutually agree to resolve the issues noted during the examination, dated as of November 26, 2004 on the basis of the terms and conditions set forth herein, which include the payment by Licensee of a fine in the total amount of $17,500, in lieu of litigating such issues in a hearing seeking revocation of River City’s license.  

NOW, THEREFORE IT IS STIPULATED AND AGREED BY THE PARTIES HERETO AS FOLLOWS:

  1. Fully understanding the terms and conditions of this Settlement Agreement, River City knowingly and voluntarily waives (a) its right to a hearing on the violations cited above, and (b) any and all rights of appeal relating to this matter.  
  1. River City will take all necessary steps to assure that it is in compliance with all applicable laws, rules and regulations. River City agrees to pay a fine in the aggregate amount of $17,500.00 on the date of the Agreement. The payment is to be made by electronic transfer, in immediately available funds, pursuant to transfer instructions received from the Department.  Failure to make timely payment shall result in the immediate revocation of all the Licensee’s licenses.
  1. All communications regarding this Settlement Agreement shall be sent to:

Regina A. Stone
Deputy Superintendent of Banks
Licensed Financial Services Division
New York State Banking Department
One State Street
New York, New York 10004

President Jonathan Urban
River City Market Inc.
270 Main Mall
Poughkeepsie, New York 12601 

  1. The provisions of this Settlement Agreement shall not bar, estop or otherwise prevent any state or federal agency or department, from taking any other action affecting the Licensee, any of its current or former officers, directors, employees, or insiders, or their successors or assigns in connection with any matter relating to this Settlement Agreement. Nor shall this Settlement Agreement bar, estop or otherwise prevent the Superintendent from taking any other action affecting the Licensee, any of its current or former officers, directors, employees, or insiders, or their successors or assigns in connection with any matters not covered by this Settlement Agreement.

  2. No extension or waiver of the terms of this Settlement Agreement shall be binding on the Department unless agreed to in writing by the Superintendent.

  3. Each provision of this Settlement Agreement shall remain effective and enforceable until stayed, modified, terminated or suspended in writing by the Superintendent

  4. The effective date of this Settlement Agreement is the date on which it is executed by the Superintendent or her Deputy.

  5. The provisions of this Agreement are not confidential.

Agreed to and Accepted: 

Dated:__________________.

By: ___________________________
Regina A. Stone
Deputy Superintendent of Banks 
New York State Banking Department  

 

Dated:__________________.

By: ___________________________
Jonathan Urban
President
River City Market Inc.

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