Texas banker shunned from financial institutions after misappropriating funds

A former Tyler, Texas, banker is now prohibited from working at any federally insured financial institution following action by the Federal Reserve, revealed Friday.

The agency said Chad Dingler, a former assistant vice president and loan officer at Citizens State Bank of Tyler, was prohibited after allegedly misappropriating nearly $42,000 from the bank, causing it a loss.

According to the Fed, Dingler, while employed at the bank between February 2015 and September 2018, allegedly instructed staff to execute approximately 62 unauthorized cash advances for 22 revolving credit line customers and to provide those funds directly to him. Dingler misappropriated the funds for his own use, the Fed said.

Dingler, by signing the order, consented to the action taken by the Fed, the agency noted.

Federal Reserve Board issues enforcement action