Chris Leggett, the former president/CEO of First Coast CommunityCredit Union, has agreed to settle a regulatory dispute involving areal estate transaction with family members.

According to a June 26, 2009 hearing petition with the FloridaOffice of Financial Regulation Division of Financial Institutionson Oct. 28, 2005, Leggett bought a Georgia home owned by hisbrother and sister-in-law for $435,000. He paid an $87,000 downpayment and obtained a bank loan for the balance. By February 2006,the family members had paid off the down payment and proceeds fromthe home's sale paid off the mortgage. They would later lease theproperty from Leggett, which was then transferred to thesister-in-law with Leggett's name remaining on the mortgage. Thesister-in-law applied to $70 million First Coast in Palatka, Fla.for financing. Leggett contended he was not involved in thefinancing or approval of the loan.

The OFR said Leggett "improperly and illegally" engaged in aninsider real estate transaction that ultimately resulted in afinancial loss to First Coast. On Dec. 29, Leggett agreed to aconsent agreement "to avoid the time and expense" of furtherproceedings "without admitting or denying that such grounds exist,"according to the final order.

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