Federal Deposit Insurance Corporation, in Its Corporate Capacity v. Ernest P. Jenkins, Lynne Hardin

WALTER E. HOFFMAN, Senior District Judge:

This appeal concerns whether the Federal Deposit Insurance Corporation (FDIC) is entitled to an absolute priority to assets of officers, directors and other third parties who may have been responsible, at least in part, for the failure of Park Bank of Florida (Park Bank) and a purchase and assumption transaction by the FDIC. For the reasons stated below, we find that the FDIC is not entitled to such a priority and accordingly reverse the judgment of the district court. 1

I

Park Bank, a wholly-owned subsidiary of Florida Park Bank, Inc. (FPBI), was a…