FDIC Sues Ex-ShoreBank Execs Over $73M In Failed Loans

Law360, New York (August 19, 2013, 7:33 PM EDT) -- The Federal Deposit Insurance Corp. on Friday sued five former executives of ShoreBank Corp., alleging that their failure to follow lending guidelines on more than two dozen loans led to more than $73 million in losses and directly contributed to the bank's failure.

According to the complaint filed in federal district court in Chicago, Drextel Amy, Olga Vikki Lakes-Battle, Eric Rader, Thurman Smith and James Bringley combined to approve 28 loans worth a total of $95.78 million between December 2005 and June 2009 without performing the...
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