ATLANTA — Federal regulators are suing 11 insiders at a failed Georgia bank, accusing them of gross negligence.
The Federal Deposit Insurance Corp. accuses the executives and directors of Alpha Bank & Trust in Alpharetta of sloppy lending practices.
The lawsuit seeks $23.9 million in damages.
Alpha Bank failed in October 2008, roughly 30 months after it opened. It was one of the early casualties of the economic collapse.
The suit filed Friday in U.S. District Court in Atlanta said the bank’s strategy focused on “growth above all else, including safety and soundness.”
Georgia leads the nation with 70 failures since mid-2008.
The FDIC estimated in the suit that Alpha Bank’s collapse cost $214.5 million.
Ground broken on new Kennesaw State dorm
KENNESAW, GA. — Kennesaw State University has broken ground on a new $26 million dorm.
The groundbreaking Friday marked the 10th anniversary of the suburban Atlanta university becoming a residential campus with student housing. The apartment-style dorm is expected to open in August 2012 with 450 beds.
Each apartment will feature four bedrooms with private bathrooms, a kitchen, washer and dryer, balcony, and wireless Internet.
Once the dorm opens, the university will have 3,500 beds and nearly 15 percent of students living on campus. Kennesaw State has about 24,000 students enrolled.
Good Samaritan hit by car fights for his life
ATLANTA — A good Samaritan who stopped to help a suspected drunken driver was in critical condition after being struck by another vehicle Saturday morning in DeKalb County.
The unidentified man had stopped to assist a driver who had lost control of his vehicle and hit a portable road sign on Interstate 85.
Police say that after finding the suspected drunken driver was unharmed, the good Samaritan ran back to his vehicle but was struck by another car that kept going.
The victim was taken to Grady Memorial Hospital in critical condition.