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CIPOLLA v. FEDERAL DEPOSIT INSURANCE CORPORATION

35064.

244 Ga. 444 (1979)

260 S.E.2d 482

CIPOLLA et al. v. FEDERAL DEPOSIT INSURANCE CORPORATION et al.

Supreme Court of Georgia.

Decided October 2, 1979.

Rehearing Denied October 16, 1979.

Attorney(s) appearing for the Case

Saul, Blount & Martin, Percey J. Blount, Wyck A. Knox, Jr., David M. Zacks, Alston, Miller & Gaines, Ben F. Johnson, III, Steven M. Collins, for appellants.

Hull, Towill, Norman, Barrett & Johnson, David E. Hudson, Powell, Goldstein, Frazer & Murphy, John T. Marshall, David G. Ross, Arthur K. Bolton, Attorney General, James C. Pratt, Assistant Attorney General, for appellees.

BOWLES, Justice.

Appellants are shareholders and former directors of the First Augusta Bank & Trust Company, hereinafter the bank, which was closed by the Georgia Department of Banking & Finance on May 20, 1977, because the bank was insolvent. Appellees are the Federal Deposit Insurance Corporation, hereinafter FDIC, and the Department of Banking & Finance. FDIC was appointed receiver of the bank when it was closed. Fifteen months later, after they were...

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