Saker v. Community First Bank

Per Curiam. Plaintiff, Dennis M. Saker, appeals from the district courts dismissal of his suit against defendants, Community First Bank, N.A. (the Bank); individual bank directors (Directors); and an attorney who was hired by the Bank, H. Grant Stephenson. In his complaint, plaintiff accused the Directors of incompetence and mismanagement resulting in a loss to plaintiff and other shareholders of the Bank. Plaintiff also alleged that the directors wrongfully paid attorney fees out of Bank funds in connection with administrative proceedings brought by the Comptroller of the Currency. Plaintiff based his claims on various federal banking laws and common law fiduciary duties to the shareholders. The district court found that most of the statutes cited by plaintiff in his complaint did not create a private cause of action and that plaintiff had failed to state a claim under those that did imply the existence of a cause of action. We agree with the reasoning of the district court, and accordingly, we affirm.