R. Charles Loudermilk, the founder of furniture rental company Aaron’s Inc., was sued by the Federal Deposit Insurance Corp. over $21.8 million in bad real estate loans made by the failed Buckhead Community Bank, Bloomberg News reported yesterday. Loudermilk, the bank’s founder and former chairman, and other directors and officers "knowingly or recklessly" approved commercial real estate loans that violated the bank's underwriting policies, the FDIC said in a complaint filed Nov. 30 in federal court in Atlanta. Buckhead Community Bank was started by Loudermilk in 1998 and failed on Dec. 4, 2009, the FDIC said. The FDIC is seeking $21.8 million in compensatory damages from the defendants.
