Fed issues consent cease-and-desist order against Bank of Eufaula president over lending practices

The Board of Governors of the Federal Reserve System announced the execution of a cease-and-desist order against Jason Burns, an individual, on the grounds of unsound lending practices, according to an enforcement release published by the Board. The announcement was made at 11 a.m. Eastern Daylight Time on Thursday, June 25, 2026.

The Board identified Burns as the president and a director of Bank of Eufaula in Eufaula, Oklahoma, and as a director of S N B Bancshares, Inc. The action was taken by consent, meaning the order was entered with the agreement of the individual named rather than through contested proceedings. Because the order runs against a person rather than an institution, it attaches to Burns himself in his capacity as a bank officer and director.

The Federal Reserve had previously taken action involving the same institutions. In an announcement dated August 15, 2024, the Board said it had entered into a written agreement, dated August 7, 2024, with SNB Bancshares, Inc. and Bank of Eufaula, both of Eufaula, Oklahoma. Written agreements are informal supervisory arrangements that set out steps a banking organisation commits to take, and are published by the Board in the same enforcement series as cease-and-desist orders.

That same August 2024 announcement also covered a separate written agreement, dated August 6, 2024, with the Heritage Bancshares Group Inc. Employee Stock Ownership Plan and Trust and Heritage Bancshares Group, Inc., of Spicer, Minnesota. The Board’s release on the Burns order did not state any further procedural steps.