Federal regulators this week sued seven former directors of failed Sun American Bank, saying reckless commercial real estate loans led to nearly $13 million in losses.
In one example cited by the Federal Deposit Insurance Corp. in its civil suit, Sun American approved a loan for a gas station and convenience store in Fort Lauderdale. The bank gave the borrowers $1.8 million despite their lack of experience running a business and their lack of money to repay the loan should the business founder.
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