Interfirst Bank Dallas, N.A. v. Federal Deposit Insurance Corporation, and Thomas J. Wageman

GARZA, Circuit Judge.

Thomas J. Wageman was an established and successful bank president and chief executive officer of the La Salle National Bank in Chicago, Illinois. In June of 1983, the Executive Committee of the First National Bank of Midland, Texas, contacted Mr. Wageman. First National was tangled in a financial web of liquidity problems, and sought to employ Mr. Wageman so that his experience and decisiveness could resurrect the bank’s depressed condition. After several meetings, the Executive Committee of First National offered, and Mr. Wageman accepted, employment as the bank’s new…