FDIC Targets Execs Over Alpha Bank Failure In $24M Suit

Law360, New York (October 7, 2011, 9:36 PM EDT) -- The Federal Deposit Insurance Corp. launched a $24 million suit on Friday against 13 former directors and officers of failed Georgia bank Alpha Bank & Trust, claiming their grossly negligent lending practices helped sink the bank after just 30 months of existence.

The agency says the Alpha executives — including President and CEO Joseph L. Briner, Board Chairman James A. Blackwell Jr. and Chief Financial Officer David M. Sleeth — approved loans that didn't comply with lending regulations as part of a growth strategy that not...
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