FDIC Sues Members of Acme’s Golden Family over Unpaid Loans

Alex Golden

Did you know that the president of Allied Bank’s Acme Holding Co. and his sister are the subjects of federal lawsuits?

The Federal Deposit Insurance Corp. sued Alex Golden and Amy Golden McCay in U.S. District Court in Atlanta over delinquent loans totaling more than $1 million.

Both were sued individually and as trustees of their children’s trusts.

The FDIC filed the lawsuits as receiver of $4.1 billion-asset Silverton Bank of Atlanta, closed by the Office of the Comptroller of the Currency on May 1, 2009.

Golden owes $695,752 on a $1.3 million loan to him and $85,035 on a $110,000 loan to the Alex Golden Children’s Trust, according to the complaint. Demand letters for payment were sent on Aug. 21.

McCay owes $189,658 on a $300,000 loan to her and $88,636 on a $110,000 loan to the Amy McCay Children’s Trust, according to the complaint. Demand letters for payment were sent to her on May 8, 2014.

All four loans were originated on Jan. 18, 2008, and matured on Jan. 13, 2013.

Alex Golden is president and chief executive officer of Allied Bank of Mulberry. The $122 million-asset lender lost $460,000 through June 30.

McCay was a vice president at Allied Bank until last year, when she left the bank amid regulatory scrutiny over her duties and her salary.

Silverton, which recorded a loss of $58 million in 2009, was the 30th bank to fail in the nation that year and the sixth in Georgia. It was a regional banker’s bank that provided loans to banks and helped put together large participation loans. Silverton’s downfall splattered banks across the Southeast.

Alex Golden holds a 7.73 percent stake in Acme Holding, parent company of Allied Bank. Amy Golden McCay holds a 1.9 percent stake in Acme. Their children’s trusts each hold a 1.64 percent stake.

Acme, which filed for voluntary Chapter 11 reorganization on April 29, lost nearly $852,000 through Aug. 31.

You might recall that Acme listed secured debts of $7.8 million and unsecured debts of nearly $3.6 million. Those total debts of about $11.4 million are counterbalanced by claimed assets of $12.2 million.

Acme hasn’t filed a reorganization plan yet.

Chambers Bank of Danville holds a claim of more than $4.5 million, secured by Acme’s ownership of all of the Allied Bank common capital stock.

Hildene Asset Management, with its Hildene Opportunities Master Fund Ltd., is the second-largest secured creditor, at about $3.3 million. The Hildene debt is tied to principal and interest owed on trust preferred securities issued for the benefit of Acme Holding on March 26, 2003.