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House banking chair settles FDIC complaint
By JIM WALLS
June 9, 2016 — House Banking Chairman Greg Morris has settled a federal complaint over his role in the 2012 failure of a south Georgia bank.
Morris and other board members of the defunct Montgomery Bank & Trust, through their attorneys, filed court papers June 3 acknowledging completion of the settlement with the Federal Deposit Insurance Corp. The attorneys said they were in the process of getting the board members to sign it.
The deadline for completing the deal was extended to July 13 under an order signed Wednesday by federal magistrate Brian K. Epps.
The settlement includes a financial payment but the amount remains confidential. Ex-board member Gary Campbell, who settled earlier, paid $200,000 without admitting wrongdoing.
Georgia closed Montgomery Bank & Trust in July 2012 after investor Aubrey Lee Price looted the already-shaky institution of $14.7 million through fraudulent fund transfers. The FDIC, acting as the bank’s receiver, has alleged Morris and other board members shirked their responsibility to oversee Price’s actions.