United States v. Lance C. Austin

TJOFLAT, Circuit Judge:

From June 1974 to October 1975, Lance C. Austin issued over $750,000 worth of bad checks drawn against his checking account with the Bank of Pontotoc, Mississippi (the Bank), a small-town bank with a capital structure of less than one million dollars. On October 20, 1975, Federal Deposit Insurance Corporation (FDIC) bank examiners discovered that his account was overdrawn in the amount of $499,941.42. The examiners found the Bank’s capital to be so impaired that they required it to raise in excess of $200,000 in new capital or to merge with another bank in order to…