A former Ellijay, Ga., banker has been barred from the banking industry for his role in the failure of the Appalachia Community Bank in 2010, the Federal Deposit Insurance Corp. said.
Tracy Newton, former chief executive of Appalachian and its parent company, accepted the ban without admitting or denying the undisclosed allegations. In its order disclosed last week, the FDIC said it had "reason to believe" Newton was involved in "violations of law" or "unsafe or unsound banking practices" at Appalachian.
Community & Southern Bank of Carrollton, Ga., took over the failed bank and the FDIC estimates the bank failure cost its insurance fund about $420 million.
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