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VILLAGE OF OAKWOOD v. STATE BANK AND TRUST CO.

No. 07-4412.

539 F.3d 373 (2008)

VILLAGE OF OAKWOOD, Baughman Tile Company, Gene A. Baughman, Mary Ann Baughman, Gary C. Grant, Trustee, and Gary C. Grant Insurance Agency, Inc., Plaintiffs-Appellants, v. STATE BANK AND TRUST COMPANY and Federal Deposit Insurance Corporation, Defendants-Appellees.

United States Court of Appeals, Sixth Circuit.

Decided and Filed: August 22, 2008.

Attorney(s) appearing for the Case

ARGUED: John C. Deal, Winkler & Winkler, Columbus, Ohio, for Appellants. Jaclyn C. Taner, Federal Deposit Insurance Corporation, Arlington, Virginia, Stephen A. Rothschild, Shumaker, Loop & Kendrick, Toledo, Ohio, for Appellees. ON BRIEF: John C. Deal, Winkler & Winkler, Columbus, Ohio, for Appellants. Jaclyn C. Taner, Federal Deposit Insurance Corporation, Arlington, Virginia, Stephen A. Rothschild, James H. O'Doherty, Shumaker, Loop & Kendrick, Toledo, Ohio, for Appellees.

Before: KENNEDY, GILMAN, and GIBBONS, Circuit Judges.

OPINION

RONALD LEE GILMAN, Circuit Judge.

On February 1, 2002, the Oakwood Deposit Bank Company (Oakwood) failed. The Federal Deposit Insurance Corporation (FDIC) was immediately appointed as receiver. On the following day, the FDIC signed a Purchase and Assumption Agreement (P & A Agreement) with State Bank and Trust Company (State Bank) that caused the insured deposits of Oakwood to be transferred to State Bank. A group of partially uninsured depositors...

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