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- Carla Caldwell, Morning Call Editor
Heys Edward McMath III, 58, who served as the president and chief executive officer of First National Bank of Savannah and six other bank officers have been indicted by a federal grand jury, accused of defrauding the bank and other banks out of millions of dollars, reports Business in Savannah.
The long-running scheme allegedly contributed to the failure of First National Bank in 2010, BiS reports.
The fraud ultimately cost the FDIC deposit-insurance fund more than $90 million, according to a press release from the Department of Justice's Southern District of Georgia, BiS adds.
The 35-count indictment, returned Friday in federal court in Savannah, charges the following former officers of First National Bank:
* Heys Edward McMath III, 58, president and CEO of the bank.
* Stephen Michael Little, 65, executive vice president and CFO of the bank.
* Robert Wilson Dailey, 51, city president and senior lending officer of the bank.
* Jay Patrick Gardner, 62, vice president and the chief credit officer of the bank.
* Isaac Jefferson Mulling, 53, senior vice president and commercial loan officer of the bank.
* Alan Robert Fleming, 36, city president of the Tybee Island branch and a commercial loan officer of the bank.
* Jeffrey Allen Farrell, 44, city president of the Richmond Hill branch and a commercial loan officer of the bank.
Click here to read more, including specific charges for each individual.
Source: http://feedproxy.google.com/~r/vertical_10/~3/yka5aRmGOjY/bank-president-six-officers-indicted.html
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