Voelker said about 15 Property Valuation Adelaide other shareholders have contacted him to express interest and support in the lawsuit.
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- “A large number of them who called are those who invested anywhere between $2,000 and $5,000.
- They were viewing it almost as a savings account. They called to inquire and hope the case goes well so they can recoup their money.
A large number wanted to file an action but didn’t feel they could because of certain employment relations with the board,” he said. Mark Arnzen, the bank’s attorney, board member and a shareholder, reiterated his defense of the board, saying everything pointed toward the bank being healthy before the scandal broke.
“If you look at the regulators who came into the bank, they gave us the No. 1 rating every time except . the first time when there was no benchmark. From the board’s standpoint, if the state and federal regulators come in and say your bank is first class, we thought they were doing a good job,” Arnzen said.
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He said the Erpenbeck Co. made all loan payments on time until April 2002, giving directors no warning sign.
- “What do you do under those circumstances? We’re not charged with the day-to-day operations to make sure,” Arnzen said.
- He said again that the directors lost huge sums of money because of the bank’s demise.
- “I was very pleased with the bank. We had very few if any bad loans. We were making a lot of money.
- The return of equity on assets and equity were superior to the industry standard in our size.
Had we known (about the bank fraud), it would have been a different story,” he said.
John Finnan was reserved for a reason during his April 11, 2002, collegial conversation with Bill Erpenbeck that was caught on tape and reported by The Post in July. If you need to.
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