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 that the settlement with the Federal Deposit Insurance Corp. was completed.
Not even Davy Jones could keep Atlantic Southern Bank from closing Friday, costing federal insurers $273.5 million. Nor could the ex-Monkee, hired as the bank’s spokesman in 2008, draw attention away from improper transfers of cash by the bank’s holding company.
Backers of financial regulatory reform are gearing up for the final stretch in a yearlong effort to construct a new, streamlined architecture. But recent reports and testimony about the financial crisis suggest a crucial ingredient in any new structure is in short supply: cooperation among the watchdogs.
Georgia leads the nation in bank failures. What better time to chat up a Web site that uses public records to analyze the strength of every bank in America? BankTracker calculates and publishes a “troubled asset ratio” for every bank, as well as other key financial information, all derived from public filings with the Federal […]