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The FDIC has filed a lawsuit against former directors and executives at the failed Mutual Bank, claiming, among other things, that $250,000 was spent on a lavish wedding that management detailed as a bank function.
October 31 -
Regulators closed institutions in five states late Friday, bringing the year's toll to 69 and leaving the FDIC with almost $1 billion more in losses.
August 3
The former president of the failed Mutual Bank in Harvey, Ill., has been banned from the banking industry by the Federal Deposit Insurance Corp.
Amrish Mahajan "engaged or participated in unsafe or unsound banking practices and breaches of fiduciary duty" as president of Mutual Bank, causing the company to suffer losses, according to the FDIC order that barred him from banking.
The FDIC's action against Mahajan occurred in May and was
Mutual Bank of Harvey's
Mahajan consented to the order without admitting or denying the FDIC's claims. Mahajan was also
