Valley National Bank 2013-9-2

This order concerns violations of 14 CFR Part 380, the Department’s rule on public charters, by Valley National Bank (Valley National) in its role as a depository (escrow) bank. In 2011 and 2012, Valley National maintained escrow accounts for two charter operators: Southern Sky Air & Tours, d/b/a Myrtle Beach Direct Air & Tours (Direct Air) and EZjet GT, Inc., d/b/a EZjet Air Services (EZjet). In its management of both depository accounts, Valley allowed a number of disbursements contrary to the requirements of section 380.34.