Traigle files suit against Hancock Bank

Joe Traigle, the former president and CEO of American Bank, has filed suit against Hancock Bank, charging the institution with improperly seizing $484,498 from his personal checking account. Traigle filed the suit in district court against Hancock and the company’s vice presidents, saying he was working out a loan extension at the time the money was seized. In a statement sent to the press, Traigle says he’s seeking $5 million to $6 million in damages, along with the return of the money seized from his account. According to the suit, Traigle had a $674,029 business loan with Hancock that was due Oct. 15. Traigle had paid off $200,000 and was seeking an eight-month extension. That extension was accepted by a Hancock vice president, but Traigle says money was seized from his checking account without warning on Sept. 23, less than a day after he was told the loan would be transferred to a special-asset team for further negotiations. In a statment , Hancock officials say they have not been served yet with Traigle’s suit. “While we wish we were at liberty to respond to Mr. Traigle’s allegations, we cannot do so because of privacy issues, except to say that we stand by the actions taken and are confident in our legal position,” Hancock says in a statement.—Timothy Boone