Trial date set after FDIC sues 8 former Vantus Bank officers - KTIV News 4 Sioux City IA: News, Weather and Sports

Trial date set after FDIC sues 8 former Vantus Bank officers

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SIOUX CITY, Iowa (KTIV) A trial has been set for next year in a lawsuit filed against eight former Vantus Bank officers by the FDIC.

The Sioux City-based bank closed in September 2009.The following day, it reopened as Great Southern Bank.

The bank's former president and CEO Michael Dosland is among the eight being sued for a total of more than $58M.

The FDIC claims these eight officers were negligent when they used $65M in bank funds to purchase "high risk collateralized debt."  This money was 120 percent of its core capital.

A trial date has been set for March 2015.

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