By Becky Yerak | The former chief executive of failed Community Bank of Lemont is suing the Federal Deposit Insurance Corp., saying he’s owed about $215,000 from a change-in-control agreement he had at the former FBOP Corp. unit.

The FDIC became receiver for the Lemont lender on Oct. 30, when state and federal regulators seized Lemont, Chicago-based Park National Bank and seven other U.S. banks owned by Oak Park-based FBOP.

Richard Meade, Lemont’s former CEO, said in a breach-of-contract lawsuit
filed in a U.S. District Court in Chicago last month that in April 2006
he and the bank entered into a change-in-control agreement that would
pay him certain compensation if the bank were sold, merged or had any
other “change in control.”

Meade contends that a change in control occurred the day that the FDIC
seized Lemont.

He said he’s owed at least $215,000 for unpaid salary, bonus, auto and
health insurance payments, and unpaid vacation time.

In a deal brokered by the FDIC, U.S. Bank acquired most of the assets
and deposits of the nine banks.

FDIC spokesman David Barr said Wednesday that such employment agreements aren’t enforceable after a bank fails because the transaction that the FDIC strikes with the acquiring bank isn’t a change of control or a merger, but rather a purchase and assumption out of a receivership.