The Federal Deposit Insurance Corp. (FDIC) has fined a former employee of Lowell Five Cent Savings Bank and prohibited her from participating in the banking industry.

According to an FDIC enforcement action issued May 2, Elaine B. Maninos "has engaged or participated in unsafe or unsound banking practices, and/or breaches of fiduciary duty as an institution-affiliated party of The Lowell Five Cent Savings Bank."

The federal agency issued two enforcement actions against Maninos. In one consent agreement, Maninos agreed to pay a civil penalty of $5,000 and in a second, she was prohibited from engaging in any future banking activities.

"No bank depositor and no bank assets were ever at issue, and nobody was harmed in this decision that they made," David Wallace, president and CEO of Lowell Five, said today.

Maninos, who was an assistant vice president and branch manager at Lowell Five, had been retired for about six months when the FDIC brought the enforcement action against her, Wallace said.

The FDIC does not make publicly available the reports detailing the investigation that culminates in an enforcement action.