Former banker hit with $1.3 million civil penalty

Adam M. Teague, a former executive implicated in the failure two years ago of an Ellijay bank, was hit with a $1.3 million civil penalty after a federal agency said he misappropriated more than $10 million in loan money.

The order, disclosed Friday by the Federal Deposit Insurance Corp., also barred Teague from working in the banking industry in the future. He did not contest the civil action.

Teague and two other executives at Appalachian Community Bank, including its CEO, were suspended from the Ellijay bank a few months before it failed in 2010.