http://www.chicagotribune.com/business/ct-biz-0325-fdic-suit--20100324,0,434460.story?obref=obnetwork
A little more double standard.
Why wasn't his contract fulfilled? Everyone elses that were players in the financial game have been honored.
The former chief executive of failed Community Bank of Lemont is suing the Federal Deposit Insurance Corp., saying he's owed about $215,000 under an employment contract he had at the former FBOP Corp. unit.
The FDIC became receiver for the Lemont lender on Oct. 30, when regulators seized the $82 million-asset institution, as well as Chicago-based Park National Bank and seven other U.S. banks owned by Oak Park-based FBOP.
Former CEO Richard Meade said in a breach-of-contract lawsuit filed in a U.S. District Court in Chicago last month that he and the bank entered into a change-in-control agreement in April 2006 that would pay him certain compensation if the bank were sold, merged or had any other "change in control."
Meade contends that a change in control occurred the day that the FDIC seized Lemont.
He said he's owed at least $215,000 for unpaid salary, bonus and auto and health insurance payments under his contract. He said he's also owed 120 hours of unpaid vacation time, totaling $8,430.
On Dec. 30, the FDIC rejected Meade's claim, the lawsuit said.
