The First National Bank of Alexander City v. Avondale Mills Bevelle Employees Federal Credit Union, in Liquidation

FLOYD R. GIBSON, Senior Circuit Judge:

The National Credit Union Administration Board, as successor in interest to the Avondale Mills Beyelle Employees Federal Credit Union (“the credit union”), appeals the district court’s grant of summary judgment to the First National Bank of Alexander City (“First National”). We reverse and remand.

I. BACKGROUND

Rebecca Caldwell was the credit union’s manager, secretary and treasurer, as well as a member of its board of directors. For several years, she was also the credit union’s only full-time employee. On August 15, 1989, First National loaned Caldwell…