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.
![Attendees of Frostbike made their way through the convention Saturday at the Quality Bike Products campus in Minneapolis. ] (AARON LAVINSKY/STAR TRIBUNE) aaron.lavinsky@startribune.com Frostbike 2016 was held at the Quality Bike Products Campus on Saturday, Feb. 27, 2016 in Bloomington, Minn.](https://arc.stimg.co/startribunemedia/NH2BSHB74ND2V6GF2G2HI5X4MM.jpg?&w=252&ar=3:2&fit=crop)
