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FDIC wants $13 million from ex-Security Savings Bank executives

The Federal Deposit Insurance Corp. is seeking $13.1 million from three executives of failed Security Savings Bank, claiming they “wholly abdicated” their responsibilities before the bank in Henderson failed in 2009.

The FDIC, as receiver for the bank, sued former CEO Kelly Jones, former president and chief credit officer Stephen Dervenis and former senior vice president of compliance and operations Thomas Procopio in U.S. District Court in Las Vegas.

In a 57-page complaint filed late Thursday, the FDIC claims the executives approved at least seven high-risk commercial loans in violation of the bank’s lending policy.

Security Savings was chartered in April 2000 as an industrial loan company. It was acquired in 2004 by Stampede Holdings, a collection of 41 private investors.

The Nevada Department of Business and Industry closed Security Savings in February 2009, and the FDIC was appointed its receiver.

Contact reporter Chris Sieroty at csieroty@reviewjournal.com or 702-477-3893. Follow @sierotyfeatures on Twitter.

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