A former executive of Wainwright Bank and Trust Co. has agreed to plead guilty to federal charges of bank fraud, misapplying funds, and falsifying records.

The charges claim Thomas H. Zocco, a former senior vice president at the bank, conspired with a real estate developer and other unnamed associates to arrange a loan from Wainwright and divert $1 million of it to Mr. Zocco for personal use.

According to the court documents filed by the U.S. Attorney's Office, Mr. Zocco also accepted a $275,000 bribe to arrange a $560,000 construction loan from Wainwright and a private finance company.

The charges cover the period from September 1988 to December 1994, when the $350 million-asset bank fired Mr. Zocco just a few months after discovering some "discrepancies" in certain loans, according to senior vice president Steven Young.

"We're massively disappointed in the whole situation," Mr. Young said. "The bank has been a victim."

Mr. Zocco's attorney, Bruce A. Singal, said his client believes he could have won in court but decided that the emotional and financial toll would have been too high.

Bank officials are pursuing civil litigation against Mr. Zocco and the other parties, seeking restitution. The bank wrote off all of the loans involved, but officials said they expect to recoup some losses.

The investigation of lending activities at Wainwright, led by the federal-state New England Bank Fraud Task Force, is continuing.

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