A northeastern Pennsylvania regional bank, which was accused of providing dubious loans to board members—among them Michael T. Conahan, the former Luzerne County Court of Common Pleas president judge who is now incarcerated after his conviction on charges stemming from the “kids for cash” scandal—has agreed to settle a shareholder derivative claim for $5 million.
The settlement in Gray v. DeNaples will end the case against Dunmore, Pa.-based First National Community Bancorp and nine named individuals, including Conahan, who, according to the complaint, served as a director of the bank until 2008. Conahan was sentenced in 2011 to 17-and-a-half years after he pleaded guilty to one count of racketeering for accepting kickbacks from developers.
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