Lawsuit over failed Sandy Springs bank - FOX 13 News

Lawsuit over failed Sandy Springs bank

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Federal regulators have sued over the collapse of a Sandy Springs bank, accusing its leaders of taking "unreasonable risks" while running the institution.

RockBridge Commercial Bank opened in 2006 and raised $36 million in cash. It failed three years later.

A recent lawsuit filed by the Federal Deposit Insurance Corp. said bank officials aggressively pursued a strategy that involved high-risk lending, including loans for out-of-market real estate development and corporate jets. Regulators said bank officials failed to heed warnings about poor internal controls and loan vetting.

Attorney Mary Gill, who represents the bank officials, told The Atlanta Journal-Constitution that her clients are disappointed the FDIC filed what she described as a "meritless" lawsuit.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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