Receivership of Farmers State Bank v. Bernau

NEUMAN, Justice.

This is an appeal by the Farmers State Bank of Kanawha, Iowa, (bank) from a district court judgment that affirmed, on judicial review, the agency action of the Iowa Division of Banking and its Superintendent William R. Bernau (superintendent). The superintendent assumed management of the financially troubled bank pursuant to authority granted under Iowa Code sections 524.224 and .226 (1987), and the district court upheld that action and appointed the FDIC as receiver. The central issue on appeal is whether, prior to this action, the bank was entitled to a hearing in conformity…