Investigation and pending class action filed by former employees of ANB Financial, N.A., charging that the bank holding company breached its fidicuary duties by continuing to invest participants' retirement saving via the ANB Employee Stock Ownership Plan (ESOP) in company stock even after the fiduciaries knew that the bank was engaged in unsafe and unsound banking practices. The action further charges that the fiduciaries actively misrepresented the condition of company stock to the employees, and failed to disclose to the employees the information they needed to protect their retirement savings.
Name (Stock Symbol)
ANB Financial was a bank. On May 9, 2008, the Office of the Comptroller of the Currency and the Federal Deposit Insurance Corporation closed ANB Financial. Pulaski Bank and Trust Company assumed the deposits.
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