
                         Roanoke Times
                 Copyright (c) 1995, Landmark Communications, Inc.

DATE: SUNDAY, March 17, 1991                   TAG: 9103170079
SECTION: VIRGINIA                    PAGE: D-5   EDITION: METRO 
SOURCE: Associated Press
DATELINE: NEWPORT NEWS                                LENGTH: Short

OFFICIAL BANNED FROM BANK WORK

Federal regulators have banned the former president of Newport News Savings Bank from working at any bank or savings and loan unless he first obtains their written approval.

The action imposed on Jerome W. Hogge Jr. was "probably the most serious thing we can do to an individual," said Paul Lockwood, spokesman for the federal Office of Thrift Supervision. Lockwood said the agency has the authority to levy fines of up to $1 million a day for some violations.

Thrift regulators also ordered former Newport News Savings directors Theodore W. Potter and Kendall Jones each to repay the thrift $10,000 from sums they had received in a property venture in North Carolina.

Newport News Savings told stockholders in a 1989 letter that the State Corporation Commission said the venture took advantage of a business opportunity to invest in the property at the expense of Newport News Service Corp., a subsidiary of the thrift.

The thrift's letter also said that Newport News Savings later made mortgage loans for $244,000 on two of the properties, noting that the Ofice of Thrift Supervision bans thrifts from making mortgage loans for property in which directors or officers have an interest.

The agency's actions were outlined in three separate formal orders issued to each of the three. Hogge's order was dated September 1990, Potter's order was dated Jan. 8 and Jones' order was undated. The agency released copies of the orders to the Daily Press last week, the newspaper reported Saturday.

Hogge, now working in real estate on the Peninsula, would not comment on the federal order.

by CNB