Eighty-three banks have failed in Georgia since mid-2008, more than in any other state. Georgia also leads the nation in lawsuits against insiders of failed banks, with nine.
The FDIC seeks at least $7.3 million in damages in hopes of recouping what it paid from the fund that protects depositors at failed banks. The suits seek compensation either from liability insurance policies, if the bank had any when it failed, or from bank leaders personally.
The American United complaint asserts gross negligence and simple negligence.
Also named in the suit are former Chief Lending Officer Joel C. Taylor and former directors Surinder Bahl, James M. Jett, Pulukottil I. Joy, Gursharan Pannu, Kanti B. Patel and William F. Rubin.
Attempts to reach the former bank officials were not immediately successful.
American United was founded with a diverse board of directors. Among them was one-time Democratic gubernatorial candidate David Poythress, who was not named as a defendant in the suit.