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DOWNRIVER COM. FED. CREDIT U. v. PENN SQUARE BANK

Nos. 87-1648, 87-1649 and 87-1707.

879 F.2d 754 (1989)

DOWNRIVER COMMUNITY FEDERAL CREDIT UNION, Plaintiff-Appellant, v. PENN SQUARE BANK, through its Receiver, FEDERAL DEPOSIT INSURANCE CORPORATION, Defendant-Appellee. WOOD PRODUCTS CREDIT UNION, Plaintiff-Appellant/Cross-Appellee, v. PENN SQUARE BANK, through its Receiver, FEDERAL DEPOSIT INSURANCE CORPORATION, Defendant-Appellee/Cross-Appellant.

United States Court of Appeals, Tenth Circuit.

July 3, 1989.

Attorney(s) appearing for the Case

Thomas S. Dann, of Timothy D. Naegele & Associates, Washington, D.C., and Robert A. Wiener, of Weinberg, Zipser, Arbiter, Heller & Quinn, Los Angeles, Cal. (Timothy D. Naegele, of Timothy D. Naegele & Associates, Washington, D.C., and C. Alexander Hewes, Jr., of Hewes, Morella, Gelband & Lamberton, Washington, D.C., with them, on the briefs), for plaintiffs-appellants.

Ann S. DuRoss (Donald B. McKinley, Regional Counsel, and Jane Rossowski, of Federal Deposit Ins. Corp., Washington, D.C., and Ronald N. Ricketts, of Gable & Gotwals, Tulsa, Okl., with her, on the briefs), Asst. Gen. Counsel, of Federal Deposit Ins. Corp., Washington, D.C., for defendant-appellee.

Before McKAY, and TACHA, Circuit Judges, and O'CONNOR, District Judge.

TACHA, Circuit Judge.

This appeal arises from a dispute between certain uninsured depositors in the insolvent Penn Square Bank, N.A. (PSB), and the Federal Deposit Insurance Corporation (FDIC), in its capacity as receiver, over the priority of the depositors' claims against the insolvent bank's assets. The district court found that PSB fraudulently induced the plaintiffs to deposit funds through issuing financial statements that were materially misleading as to PSB...

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