Troubling questions raised about Oakwood Bank purchaser
According to an advertisement in another county newspaper, Jorge Rodrigo Mario Rangel de Alba Brunel has filed an Interagency Notice of Change in Control with the Federal Deposit Insurance Corporation and simultaneously applied with the Texas Department of Banking on or about September 3, 2013 to acquire shares of common stock of the Oakwood State Bank.
The notice to the Federal Deposit Insurance Corporation gives any person wishing to comment on the change in control until September 24, 2013 to do so, in writing, to the Regional Director of the Federal Deposit Insurance Corporation at the regional office located at 1601 Bryan Street, 38th floor, Dallas, TX. As for the notice to the Texas Department of Banking, it states that it is permission to acquire common stocks to gain control of the Oak- wood State Bank. Any person wishing to comment on the application either for, or against, the applicant taking control of the bank has only fourteen days after the notice was placed in the newspaper (on September 3) to do so, in writing. Also, any person wishing to file a protest and oppose the proposed change in control and participate in the application process may also do so by filing a written notice during this fourteen day period, along with a $2,500 protest filing fee. This fee may be waved by the Banking Commissioner if there is a showing of substantial hardship.
Information about the applicant is scarce but this is not his first banking venture. Jorge Rodrigo Mario Rangel de Alba Brunel is listed as the President of Administration of Ci Banco. According to an article in the Diario de Orizaba (Orizaba Daily newspaper in Orizaba, Veracruz, Mexico (http://www.diariodeorizaba.com/) from November 16, 2012, Jorge Rodrigo Mario Rangel de Alba, in his capacity as President of Ci Banco, was investigated by the Attorney General of Mexico for money laundering. The article says details of the investigation were not released by the Attorney General of Mexico’s office but it referenced illegal use of existing bank accounts and online services, and there were questions as to where the large money transactions had originated. It indicated that the directors of the bank had knowingly signed off on and took measures to hide the illegal activity by transfering amounts under $15,000 to avoid tax penalties and detection. It lists Jorge Rodrigo Mario Rangel de Alba as one of the directors being directily investigated. He is also listed as the Director of Pemmington Holdings Limited out of Auckland, New Zealand with a Maria Luisa Rangel de Alba as the Inactive Director, holding all 100 of its shares.
The Buffalo Press attempted to contact current owner of Oakwood State Bank, Dorothy Cadenhead, multiple times over the course of the week to inquire about terms of the sale of the Oakwood State Bank, our nation’s smallest working bank, as well as the investigation of the man seeking to purchase it. Cadenhead declined to accept the phone calls because she was “with a customer.” She did not return those phone calls, as requested either.