In 2009, Silverton Bank, in Georgia, failed.  The FDIC spent $385 million taking over the bank, it was the biggest bank failure in Georgia’s history.

Now the FDIC is suing the former board of directors, for gross incompetence.

The FDIC alleges that Silverton executives engaged in “extravagant spending on unnecessary items”, with “a complete disregard of a declining economy.”  Also,  they accuse the bank’s top dogs of “robotically voting for approval of transactions without exercising any business judgment.”