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SARASOTA — The insurance firm for former board members and executives of LandMark Bank of Florida, which regulators shuttered in 2011, has signed a $650,000 settlement agreement with the Federal Deposit Insurance Corp.
The agreement, according to a statement, releases LandMark officials from any claims or obligations related to the bank's closure. Those officials include former CEO Tom Quale and top executive Sean Powers, in addition to onetime board members Robert Brown, Thomas Dabney, Steven Greenfield, John Steele and T. Raymond Suplee. Chartis Specialty Insurance Co. covered the payment, the release states.
The Florida Office of Financial Regulation closed LandMark July 22, 2011. The bank had around $275 million in assets, and was one of multiple lenders in the region to fail during the recession due to undercapitalization issues. American Momentum Bank purchased the assets of LandMark Bank through an agreement with the FDIC.
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