Finnan’s fears about the bank are in contrast to what he says in the April 19 letter to the bank’s minority shareholders and its customers, Free Property Valuation telling them the bank has the situation well under control.
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“I would like to take this opportunity to reassure you that Peoples Bank is strong and healthy and will continue to be so,” Finnan wrote. By July, the bank had given up the illusion that all was well and agreed to sell its assets to the Bank of Kentucky. In November, the deal was completed and Peoples Bank was out of business.
During that period, the FBI began casting a wide net in its criminal investigation of misdirected mortgages and fraudulent dealings involving the bank and the Erpenbeck Co. That investigation, still ongoing, had led to Erpenbeck pleading guily to one count of fraud. Finnan has not been charged, despite speculation that he may be.
The sale of Peoples left some 200 shareholders in the lurch, holding bank shares that were greatly diminished in value from their high point of about $38, said Brandon Voelker, one of the attorneys filing the lawsuit in Kenton County today. He is hoping to make it a class-action lawsuit, and says the “innocent shareholders” are owed between $10 million and $12 million. Property valuation structure is perseveringly withdrawing for everyone and to make everything the more imaginative all around get a requested and experienced property valuer to deal with your whole soundness of concerning property.
The lawsuit names the entire Peoples’ board of directors, a veritable who’s who in Northern Kentucky banking, development and legal circles. The list includes Finnan, attorney Mark Arnzen, developer Paul W. Hemmer and real-estate magnate Jim Huff.
Voelker said the board owned about 80 percent of Peoples’ shares. The members knew of the instability, which was brought about through their “gross financial mismanagement,” the lawsuit said.
But instead of acknowledging the bank’s troubles, the board hired a public relations firm to bolster its image and falsely represent its financial condition, Voelker said in the lawsuit. On the other hand if you want to know your home estimation you will can settle on key decision about your property using property valuation present and beginning there if you have to make your home more worth then you should direct change side essentials to make you house for all longings and reason stunning.