FDIC sues directors of failed F’ville bank for $10.3M  The
Federal Deposit Insurance Corporation has sued the former board
of directors of the failed Southern Community Bank in
Fayetteville, which it took over in June 2009.  The lawsuit is
seeking $10.3 million in damages from the defendants including
lost operating capital, lost profits and lost investment
opportunities.  The lawsuit names former bank officer and
director Gary D. McGaha of Suches, Ga. along with former bank
directors James S. Cameron of Pensacola, Fla., George R. Davis
Sr. of Fayetteville, Robert B. Dixon Jr. of Newnan, Richard J.
Dumas of Fayetteville, William W. Leslie of Senoia, Jackie L.
Mask of Fayetteville, Thomas D. Reese of Senoia and William M.
Strain of Fayetteville.  The lawsuit claims the directors were
negligent by “approving loans that violated the bank’s internal
policies, regulations and/or prudent banking practices.”  Among
specific violations, the lawsuit accuses the board of directors
of failing to follow FDIC regulations