Paul E. Utterback looked as if he were gracefully retiring from a 40- year banking career, until regulators accused him of bilking the bank he chaired.

He announced his resignation as chairman, director, and controlling shareholder of $147 million-asset Bank of Alton, Ill., in November. Shortly thereafter, the Federal Deposit Insurance Corp. fined him $65,000 and barred him from banking. The agency had accused him in February of unduly enriching himself and his company through loans and questionable relationships with the bank.

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