Tuesday, December 3, 2013 – 09:45 a.m.
A settlement has been reached between the Federal Deposit Insurance Corporation (FDIC) and the former board and management of the now-defunct Redlands Centennial Bank.
U.S. District Court records indicate the lawsuit, filed by the FDIC, has been settled and the case dismissed.
On January 14, 2011, after seizing the insolvent bank, the FDIC filed suit against several individuals, including former University of Redlands president James Appleton, former Redlands Mayor Carole Beswick, business owner Larry Jacinto, business owner Bill McCalmon, development consultant Pat Meyer, former 1st Centennial president and CEO Tom Vessey, former 1st Centennial vice president and CCO John Lang, Stan Weisser, Bruce Bartells, Ronald Jeffrey, Douglas Welebir and Clifford Schoonover.
The terms of the settlement have not been disclosed.
To read the notice of dismissal, click here: