A HERALD-TRIBUNE INVESTIGATION - STORIES | VIEW BANK DATA:
BREAKING
THE BANKS
AmericanFirst Bank

Defaults: This data is from judgements and foreclosure filings and was collected through county clerk’s offices. It includes every judgement for more than $1 million or the five largest at each bank.
2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
AmericanFirst Bank
SPAN
November 2004-April 2010

HEADQUARTERS
Clermont

REGULATORS
OFR/FDIC

TOTAL ASSETS AT FAILURE
$90 million

COST TO FDIC
$10 million

DIRECTORS
Margaret A. Burke
G. Scott Cahill
Steven S. Davis
Mark J. Graff
William E. Lawson
David Lucas
Dale Parsons
Donald E. Potts
Dennis G. Richter
Scott H. Ryan
John J. Sandroni
Frank D. Scott III
Randy L. Sheive
Robert P. Sonntag
Donald B. Thelen
Robert D. Thompson
At AmericanFirst Bank, insiders were some of the biggest customers.

By the end of December 2007, nearly one of every four loans had been issued to an officer or director.

Though not illegal, experts say, loans to insiders can raise questions about conflicts of interest.

Companies controlled by builder Robert D. Thompson received at least four loans totaling $3.5 million. A company belonging to Randy L. Sheive received $2.3 million, while Dale Parsons, another director, received at least four loans for $1.7 million.

Thompson and Sheive have satisfied or are still paying on their loans. But court records show that Parsons defaulted on $1.5 million. None of the three directors returned calls seeking comment.

In September 2006, examiners found that the bank broke the law when it made two loans to directors without documenting the collateral or stating when the loans were due to be repaid.

Insider deals were not the only issue flagged by regulators, who said AmericanFirst sometimes failed to oversee mortgages by not getting proper appraisals and conducted sloppy borrower background checks.

In one case, a building company received a $1 million loan to build a "spec" home - a house that goes up before a buyer has been lined up.

Regulatory reports show the bank failed to get an updated appraisal, telling regulators that if it had, it would have shown that the value of the collateral did not support a loan of that size.

The builder later defaulted.


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