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FRANKLIN FED. SAV. BANK v. DIR., OFF. OF THRIFT SUPER.

No. 90-5971.

927 F.2d 1332 (1991)

FRANKLIN FEDERAL SAVINGS BANK; Franklin Financial Group, Inc.; George O. Haggard, Jr.; Ben B. Jarnagin; Richard C. Jessee; A. Eugene Jolley; Jean S. Keener; George B. McGuffin; Charles G. Robinette, Plaintiffs-Appellees, v. DIRECTOR, OFFICE OF THRIFT SUPERVISION, in his own official capacity and as successor in interest to the Federal Home Loan Bank Board; and the Federal Deposit Insurance Corporation, in its own capacity and as successor in interest to the Federal Savings and Loan Insurance Corporation, Defendants-Appellants.

United States Court of Appeals, Sixth Circuit.

Decided March 12, 1991.

Attorney(s) appearing for the Case

John F. Dugger, Bacon, Dugger, Jessee & Perkins, Morristown, Tenn., Thomas Buchanan, J. Michael McGarry, III (argued), William D. Coston, Eric W. Bloom, Bishop, Cook, Purcell & Reynolds, Washington, D.C., for plaintiffs-appellees.

Aaron B. Kahn, Harris Weinstein, Thomas J. Segal, Office of the Dept. of Treasury, Thrift Supervision, Jacob M. Lewis (argued), U.S. Dept. of Justice, Douglas Letter, Dept. of Justice, Appellate Staff, Civ. Div., Martin Jefferson Davis, Office of Thrift Supervision, Washington, D.C., John W. Gill, Jr., U.S. Atty., Marilyn L. Hudson, Asst. U.S. Atty., Knoxville, Tenn., Thomas A. Schulz, Dina L. Biblin, Federal Deposit Ins. Corp., Theodore C. Hirt, U.S. Dept. of Justice, Appellate Staff, Civ. Div., Stuart M. Gerson, Leslie H. Southwick, Brook Hedge, Gary W. Herschman, Dept. of Justice, Civ. Div., Washington, D.C., for defendants-appellants.

Before KEITH and BOGGS, Circuit Judges; and CONTIE, Senior Circuit Judge.

BOGGS, Circuit Judge.

Franklin Federal Savings Bank sees itself as a good institution on the rebound being hounded by federal regulators who refuse to keep their word. Franklin's predecessor, Morristown Federal Savings and Loan Association, began operating in 1935. In the 1980s, Morristown Federal Savings and Loan Association began having financial problems. Still, seven shareholders — all plaintiffs in this case — did believe that they could restructure...

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