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First NBC lawsuits offer peek into failed bank's appetite for risk

Source: theadvocate.com/new_orleans/news/business/article_e2da18fc-4b03-11e7-bb8a-c3db4449d5d6.html - Jun 12, 2017

Richard O'Dom had no experience in the industry when he sought an $8 million personal loan to buy a Georgia auto insurance company in 2007, court records show.

O'Dom nonetheless found a willing lender in First NBC Bank, which had been founded a year earlier by well-known New Orleans banker Ashton Ryan Jr.

And O'Dom’s firm went back to the well repeatedly over the following years, taking out more loans with First NBC and eventually putting the rapidly growing bank's exposure at $12.4 million.

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Category: General Business