FDIC Files Suit Against 7 Insiders at Sandy Springs Bank

Just about three years after Rockbridge Commercial Bank was taken over by regulators, federal officials have filed suit against seven insiders with the Sandy Springs bank, according to reports.

The Atlanta Journal-Constitution listed the defendants names: RockBridge Chairman and CEO Lauch McKinnon, Vice President Steven Lehwald, Senior Lending Officer E.M. Thorne III, and former board members Carl Burr, Lawrence Smith, Arnold Tillman and David Zalik.

According to the AJC report the defendants are accused of “doubling down” on loans from 2007 to 2009, citing losses to the bank that totaled $27 million.

It’s the 13th FDIC lawsuit against a failed Georgia bank, following a Nov. 30 complaint against The Buckhead Community Bank according to Kevin La Croix at danodiary.com.