Former Bank of Eufaula CEO Banned From U.S. Banking Industry After $3.5 Million in Losses

The Federal Reserve has banned former Bank of Eufaula CEO Thomas Engelbrecht from the U.S. banking industry and imposed a $125,000 fine, citing more than $3.5 million in losses. According to NS3.AI, the Fed said Engelbrecht directed loans and overdrafts to a struggling business owned by a close relative. The Fed said the actions contributed to losses exceeding $3.5 million.