Cipolla v. FEDERAL DEPOSIT INSURANCE CORPORATION

Bowles, Justice.

Appellants are shareholders and former directors of the First Augusta Bank & Trust Company, hereinafter the bank, which was closed by the Georgia Department of Banking & Finance on May 20, 1977, because the bank was insolvent. Appellees are the Federal Deposit Insurance Corporation, hereinafter FDIC, and the Department of Banking & Finance. FDIC was appointed receiver of the bank when it was closed. Fifteen months later, after they were sued in federal court by the FDIC, the appellants filed a motion to intervene and a motion to set aside the judgment in the original…