Federal Deposit Insurance Corporation and Frank Pio Crivello Settle Litigation Commenced in 1994
Frank P. Crivello, with loans from Metro North State Bank, coast to coast, built a large portfolio of shopping centers, including many K-Marts.
Milwaukee, Wisconsin (PRWEB) July 2, 2005 --November 10, 2003-- Frank P. Crivello announced that he settled litigation and was released by the Federal Deposit Insurance Corporation, ("FDIC"), as Receiver for Metro North State Bank, Kansas City, Missouri, related to a suit commenced in 1994. Before its failure, Metro North State Bank was part of a multi-billion dollar bank group. The suit related to a shopping center loan made in the late 1980's by Metro North State Bank to Frank P. Crivello and disputes that occurred in 1989.
During the late 1980's, Frank P. Crivello built a large portfolio of shopping center, including many anchored by K-Marts, on a coast to coast basis, that totaled millions of square feet. Most were anchored by K-Mart or other discounters along with chain grocery or drug stores.
Joseph Crivello and Frank P. Crivello were partners in the shopping center development. Joseph Crivello was not a defendant in the FDIC litigation. During the 1990's, Frank Crivello was an Executive Vice President of National Management, Inc., ("NMI"). Joseph Crivello is the owner of NMI.
Frank P. Crivello stated: "During the late 1980's Metro North State Bank was my primary bridge and construction lender. As the full impact of the recession hit this bank group, the FDIC eventually became its Receiver in 1992. The FDIC took control of these banks and my loans were placed in liquidation. This was a very difficult time. I was pleased to finally bring closure to the FDIC litigation commenced so long ago."
Frank P. Crivello was represented in the FDIC litigation by Leonard G. Leverson, of the law firm of Kravit, Gass & Weber, S.C. ("KGW"), www.kravitlaw.com.
Frank P. Crivello is an Executive Vice President of Phoenix Investors, LLC, www.phoenixinv.com and NNN Group, Inc., www.nnn.net.
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