A Connecticut thrift's former president, charged last year with trying to plant cocaine on a business rival to discredit him, has agreed to be banned from banking, according to sources familiar with the situation.

The Federal Deposit Insurance Corp. reached an agreement with William R. Wilcox Jr., the former president of Savings Institute, Willimantic, barring him from participating in the affairs of any financial institution, the sources said. The agency had been investigating alleged improprieties at the thrift since April.

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