- 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

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