FDIC Hits Failed Ga. Bank's Officers With $11M Suit

Law360, New York (March 6, 2012, 11:01 PM EST) -- The U.S. Federal Deposit Insurance Corp. on Monday sued former directors of the defunct Freedom Bank of Georgia for allegedly signing off on risky real estate loans that cost the bank $11 million and helped lead to its downfall in 2009.

In a complaint filed in the Northern District of Georgia, the FDIC, as receiver for the failed bank, said the 12 defendants — members of the bank’s board of directors and its loan committee and a loan officer — negligently approved 21 commercial real estate...
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