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M&I Marshall & Ilsley Bank recently won a $16.9 million judgment against Orion Bancorp.
But will it ever collect?
Orion Bancorp was a one-bank holding company in Naples, but state regulators shut down its subsidiary, Orion Bank, on Nov. 13.
M&I had extended to Orion a $50 million line of credit in March 2008. As collateral, Orion pledged 550,000 shares of stock and a corporate airplane. The credit terms were revised to $17.5 million one year later, as Orion's financial problems worsened.
An M&I spokeswoman declined to comment and former Orion Bank chief executive Jerry Williams couldn't be reached.
What's left to collect? We may never find out.
“All claims, counterclaims or damages relating to the actions of Orion have been resolved by a written letter agreement executed by the parties,” reads the judgment signed by U.S. District Court Judge Lynn Adelman.
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