Former leaders of Orlando’s first bank to fail during the U.S. financial crisis have agreed to a set of multimillion-dollar deals to settle allegations they caused the bank’s demise, regulators and lawyers confirmed this week.

Old Southern Bank founder John G. Squires and seven former directors – including his daughter, Orlando lawyer Grey Squires Binford – agreed to settle the claims made by the Federal Deposit Insurance Corp. and nearly two dozen local investors in Old Southern, according to documents obtained by the Sentinel.

They denied any wrongdoing and agreed to the deals to avoid the expense of further litigation, the FDIC said. Squires and his group have blamed the failure on the real estate meltdown and Great Recession of 2007 to 2009.

Read full article

Source: Orlando Sentinel