On September 17, 2019, the FDIC approved a final rule aimed at providing regulatory relief to community banks by providing them with a simplified method of complying with regulatory capital adequacy standards.
On July 22, 2019, the U.S. Court of Appeals for the Eleventh Circuit dealt another blow to bank directors, upholding the award of damages to the FDIC in the case FDIC v. Loudermilk, which involved the former directors of Buckhead Community Bank. The case was perhaps best known for defining Georgia’s business judgment rule, at least until the Georgia General Assembly reacted by defining the standard of liability for directors and officers in a manner more consistent with prior expectations.
Writing in the May issue of BankDirector.com, FKHF Managing Partner, Chet Fenimore discusses potential pitfalls in acquiring an S-Corporation and why thorough pre-sale due diligence is so critical.
HOW SUBCHAPTER S ISSUES COULD SNAG A SALE
BY: CHET …