PNC Bank, National Association v. Branch Banking and Trust Company

This lawsuit arises out of a loan participation agreement between Colonial Bank, the predecessor-in-interest of Branch Banking and Trust Company, and Mercantile Mortgage Company, the predecessor-in-interest of PNC Bank. Colonial administered a loan to The Hammocks Cape Haze, LLC, which obtained the loan to develop and construct condominium units. After trial, the district court ruled that Colonial breached the loan participation agreement when it unilaterally (1) permitted Cape Haze to build in excess of 92 condominium units at one time and (2) accepted “release prices” of less than $74,060…