Review of FDIC OIG report on Pulaski Savings Bank failure
This report is crazy! Pulaksi Savings Bank failed in January of 2025. The FDIC Office of Inspector General (OIG) complete an in-depth review of the bank’s failure, which was completed in March 2026. Initially, when the bank was closed by the FDIC, they stated that fraud was suspected. The newly released OIG report blamed the failure on ‘key employees’ and $20+ million in liabilities NOT listed in the bank’s financials, which caused the bank to be undercapitalized. Here is the problem, the individual serving as the CEO was also serving as the CFO, CCO, and chief cook and bottle washer! The CEO…
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