Did no one in Georgia pay attention in the 1980s?
It’s not just reputations that are on the line. Board members, also known as directors, could be held personally liable for a bank’s demise.
Experts are expecting a wave of lawsuits against directors to be filed in Georgia over the next year or two as regulators and shareholders seek someone to blame — and someone to pay — for the state’s bank failures.
Eleven Georgia banks have failed in the past eight months, the most in the country, and experts say many more troubled institutions are in danger of being shut down.
But recovery, of course, is just around the corner.