ATLANTA (AP) - Eleven former executives of a failed bank in Carrollton are being sued by federal regulators who claim they were negligent in their oversight.
It has been reported that the Federal Deposit Insurance Corporation filed a civil complaint Friday against First National Bank of Georgia officials saying they showed unsound banking practices when they approved 14 risky real estate loans that resulted in severe losses. The bank was shut down in late January of 2010.
The FDIC is seeking more than $29.9 million in damages.
The newspaper reports an attorney for the former bank officers says the claims in the lawsuit are meritless and the bank executives proudly served their western Georgia community.
Georgia has led the nation in bank failures with 84 banks closing since 2008.