“The American Banker article cited: ‘nearly $10 million paid to a consulting firm owned by Certus’ top officers; $146,000 for three months of work by an executive’s son fresh out of college; $2.5 million for three executive apartments and high-end upgrades; $347,000 for private plane trips; $131,000 for Carolina Panthers games; several hundred thousand dollars for sponsorships and charitable gifts; and more than $500,000 for American Express bills.’ CertusBank now with $1.7 billion in assets was formed by the plaintiffs, Jones, Davis and Webb in 2010 using capital from a small group of private equity investors. Their strategy was to purchase failed banks in the southeast.”
http://weissratings.com/news/articles/140429-ousted-execs-sue-certusbank/
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