A Valley-based bank will pay more than $50,000 in fines for violations of the National Flood Insurance Act.

The Federal Reserve said Thursday in a news release that it levied a $55,500 civil penalty against First Nebraska Bank, which is based in Valley.

According to an order assessing the penalty, First Nebraska Bank engaged in a "pattern or practice of violations" of a section of the law that deals with making loans in areas that are considered to have special flood hazards. The law prohibits approving loans for properties in such areas unless they are covered by flood insurance.

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