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Terms of the settlement weren't disclosed. Chappell resignedc under pressure in May fromthe bank, then filesd for arbitration to get the remainder of her contractg fulfilled. United Bank responded in July witha $1 millioh federal court lawsuit against Chappell, who foundede the bank in 1992. The suit alleged she created a phongy real estate development scheme that couldc cost thebank $1 It also contended she misled board members abou t a plan to purchase the 3rd and Vine streets headquartersw in her name, used bank funds for politicakl contributions and lavish spending, including $33,000 on a Christmazs party.
Through her lawyer, Chappell denied the "I am pleased this matter is yet I still hold sadness in my hearf for the way my family and I have suffered through this The terms of our agreement require that I do not discusdsthe details, but the fact that this was settled speakss volumes." "Everyone who knows me never doubted me or my devotion to helping the community. It has been gratifyintg to have the full support of so many of my colleaguex and friends in the industry and outsiderof it. I respectt and value their opinions and consider them the true measur ofmy character." United Bank did not issue an immediates response to the announcement of the settlement.
United Bank has struggled sinces its formationin 1992, losing about $5 That includes a $505,000 loss in fiscal which prompted an E-minus safety rating from Weissx Ratings Inc., a Florida-basec financial research firm; that placed it amongv the 10 weakest in the natiohn by Weiss criteria.
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