WASHINGTON -- In the largest recovery ever from uninsured former bankers, two top officials at San Jacinto Savings Association of Bellaire, Texas, will pay the government $20 million to settle a lawsuit, two federal banking agencies announced Friday.

Gene E. Phillips, former chairman of the thrift's holding company, and William S. Friedman, the former vice chairman, will make installment payments over the next 10 years. Mr. Phillips and Mr. Friedman also agreed to be banned from the banking industry.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.