- Associated Press - Wednesday, April 22, 2015

SIOUX CITY, Iowa (AP) - Former officials of a failed Sioux City-based bank have settled a lawsuit filed by federal regulators after the bank’s collapse in 2009.

The Sioux City Journal reports (https://bit.ly/1yPwxgE ) that the $6.5 million settlement was paid by Vantus Bank’s former insurer, Progressive Casualty Insurance Co., which also was party to the settlement earlier this month.

On Sept. 4, 2009, federal regulators seized the bank, and its branches reopened the next day as branches of Springfield, Missouri-based Great Southern Bank, which acquired all of Vantus’ deposits and most of its assets.

In May 2013, the Federal Deposit Insurance Corp. sued Vantus’ former officers and directors for $58.2 million, alleging gross negligence and breach of fiduciary duty, among other things. In the settlement, the former Vantus officers and directors deny any wrongdoing.

___

Information from: Sioux City Journal, https://www.siouxcityjournal.com


Copyright © 2018 The Washington Times, LLC.

The Washington Times Comment Policy

The Washington Times welcomes your comments on Spot.im, our third-party provider. Please read our Comment Policy before commenting.

 

Click to Read More and View Comments

Click to Hide