WHAT HAPPENED
Federal regulators are demanding that 23 former executives, board members and employees of Sioux Falls, S.D.-based BankFirst pay $77.4 million for losses on bad loans.
WHY THIS IS SIGNIFICANT
The action signals a tougher regulatory stand against bankers that engage in wrongful misconduct and reckless lending practices.
WHAT HAPPENS NEXT
The former BankFirst officials and regulators likely will work out a negotiated settlement. The FDIC's investigation of the bank's failure is ongoing.
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