Keystone, W.Va., were freed on bail Tuesday to await trial.
The U.S. magistrate who released them said the government's case that they conspired to block a bank exam is "overwhelming."
Terry L. Church, who was executive vice president of the $1.1 billion-asset bank and president of its mortgage subsidiary, and Michael H. Graham, an executive vice president at the mortgage company, were freed after posting bond for $2.5 million and $25,000 respectively.
The two were arrested over the weekend after Federal Bureau of Investigation agents discovered bank documents buried in a 100-foot-long trench at Ms. Church's ranch. First National was closed Sept. 1 after examiners found that $515 million of assets reported on the books of the bank had actually been sold.
At a detainment hearing before Magistrate Mary Feinberg, the U.S. attorney alleged that the defendants buried the documents to keep them out of the hands of examiners, and argued that Ms. Church and Mr. Graham should be kept in jail until trial. The government has 30 days from Tuesday to indict Mr. Graham and Ms. Church.
An attorney for the defendants called the FBI affidavit "full of incomplete statements of fact" and expressed confidence that the two will be found not guilty. -- Louis Whiteman