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FDIC files suit against former Oglethorpe Bank of Brunswick

Special to SEGAZINE

oglethorpe_bankThe Federal Deposit Insurance Corp. is seeking through a federal civil lawsuit to be repaid $9.8 million it claims it could not recover in its takeover of a failed Glynn County bank because of the banks’ negligent lending practices and wasting of assets on unnecessary perks for directors.

The 11 former board members of the now defunct Oglethorpe Bank, which included outside directors who were not employees and some bank officers who were employees, caused the FDIC’s Deposit Insurance Fund to lose the money by having to take over and sell the troubled bank, the lawsuit alleges.

via GARP

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