Guaranty Bank & Trust Obtains Judgment Against Former Paris Officers
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MOUNT PLEASANT, Texas--(BUSINESS WIRE)--
Guaranty Bank & Trust, N.A., today announced that a $500,000.00 Agreed Judgment and Permanent Injunction has been granted in favor of Guaranty Bancshares and its subsidiary, Guaranty Bank & Trust, against two of its former senior-level officers, Jeffrey Nutt (former Market President-Paris) and Erik Roddy (former Senior Vice President- Paris). The Judgment also requires Nutt and Roddy to destroy any remaining documents and electronic data in their possession or control containing Guaranty’s confidential information, including confidential information possessed and used by Roddy after his employment with Guaranty ended.
Guaranty filed suit against Nutt and Roddy in late 2020, alleging that during the time they were employed by Guaranty and serving the bank as senior officers, Nutt and Roddy wrongfully solicited other senior staff at the Paris locations to join them at their new bank and misappropriated the bank’s confidential information to use as part of their new venture.
The Judgment follows a hearing in late 2020, where the District Court entered a temporary injunction against Nutt and Roddy, finding that Guaranty had proven that it was likely to succeed on the merits of its lawsuit.
“Guaranty is satisfied with today’s Judgment and pleased to put this matter behind us and move forward,” said Ty Abston, Guaranty’s CEO. “Guaranty believes strongly in open and vigorous competition but expects officers to act appropriately and to honor their legal and ethical obligations at all times.”
ABOUT GUARANTY BANCSHARES, INC. and GUARANTY BANK & TRUST
Guaranty Bancshares, Inc. is a bank holding company that conducts commercial banking activities through its wholly-owned subsidiary, Guaranty Bank & Trust, N.A. Visit www.gnty.com for more information.
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