Former American United Bank officers and directors were sued by the Federal Deposit Insurance Corporation for $45.2 million over their alleged negligence in managing the bank’s lending operations.
The lawsuit, filed today in federal court in Atlanta, names as defendants former President and Chief Executive Officer T. Glenn Thompson, former Senior Vice President and Chief Lending Officer Joel C. Taylor, and six former directors.
“Rather than manage the bank’s lending function in a sound and responsible manner, the defendants took unreasonable risks with the bank’s loan portfolio,” the FDIC said in the complaint.
American United Bank, based in Lawrenceville, Georgia, was closed by state regulators in 2009. Ameris Bank of Moultrie, Georgia, agreed to assume all American United Bank’s deposits, the FDIC said in 2009.
The case wasn’t immediately available in electronic court records and information on attorneys for the defendants wasn’t available.
The case is FDIC v. Thompson, 12-cv-03620, U.S. District Court, Northern District of Georgia (Atlanta).