Former Woodinville Mayor Named in FDIC Lawsuit

Former Woodinville Mayor Lucy DeYoung is being sued along with 11 other former leaders of the failed publicly traded Frontier Bank in Everett, according to a report in the Everett Herald.

The Federal Deposit Insurance Corp. (FDIC) is seeking $46 million from former Frontier Bank officials, alleging that they breached fiduciary duties and were negligent in issuing 11 poorly vetted real-estate loans to named and unnamed borrowers in 2007 and 2008. The lawsuit was filed Friday in U.S. District Court in Seattle.

DeYoung was a member of the bank's board of directors, the Everett Herald said. She was elected the first mayor of Woodinville in 1993, and served as mayor for three years. 

Click here to read the full story on The Everett Herald.