Asheville Citizen-Times reports:
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Directors of the Bank of Asheville ignored their own policies and warnings from regulators while making risky real estate loans that ultimately forced the bank’s closure.
That’s the thrust of a lawsuit filed recently by the Federal Deposit Insurance Corp. against seven former bank directors that seeks to recover $6.8 million in losses on loans the suit says the directors approved.
The lawsuit, filed Dec. 29 in U.S. District Court here, identifies 30 loans it says were negligently approved. ...
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