Alpharetta – Alpha Bank & Trust
According to a lawsuit filed Friday in U.S. District Court in Atlanta the directors of Alpha Bank & Trust are being accused of sloppy lending practices and strategy focused on “growth above all else, including safety and soundness” …
The bank failed in October of 2008, less than 3 years after it opened. The FDIC estimates that Alpha Bank’s collapse cost $214.5 million.
The defendants are listed as:
David Michael Sleeth (former chief financial officer)
Robert Skeen (former chief lending officer)
Joseph Briner (founding president and CEO)
The same accusations, about compensating loan officers based on making loans and not for quality, that we have heard about other Georgia banks are floating around about Alpha Bank & Trust too.
These types of lawsuits will probably increase in Georgia as evidenced by the lawsuit against Adam Teague – Appalachian Community Bank which we highlighted recently.
Posted in Georgia Banks