Two former executives at Bank of Granite Corp. have agreed to pay $225,000 to settle claims that they made false statements to the Federal Deposit Insurance Corp. and false entries in the Granite Falls, N.C., company's books in relation to loans made as far back as 1999.
Charles Snipes, Bank of Granite's former chairman and chief executive, agreed to pay $200,000 in the settlement with federal prosecutors. Gary D. Prewitt, a former vice president, will pay $25,000.
The agreement was announced Wednesday. Neither Mr. Snipes or Mr. Prewitt admitted guilt.
A civil complaint alleged that they falsified records and made statements that failed to disclose third-party liabilities on a series of loans issued for the benefit of an unnamed customer.
Bank of Granite was not a party to the investigation or the settlement deal.