Fifth Third, without admitting or denying any factual allegations, would consent to an SEC administrative order that the company didn’t properly account for a portion of its commercial real estate loan portfolio and pay a penalty. The amount would be covered by reserves, the bank said.
Poston was interim CFO at the time of the irregularities and is in separate settlement talks with the SEC, the bank said. Poston, without admitting or denying any factual allegations, would consent to similar findings and charges against him, a cease and desist order, a separate civil money penalty, and a one-year ban from practicing before the SEC.
The proposed settlements must be approved by SEC commissioners.
The bank also named Jamie Leonard as treasurer and gave compliance responsibilities to Mary Tuuk, board secretary and executive vice president of corporate services.