The president and six former officers of a failed Savannah, Ga., bank were indicted on Jan. 11 on charges of fraud and conspiracy related to failed commercial loans.

The indictment claims that Heys Edward McMath 3rd, founder and former chief executive of First National Bank of Savannah, along with six former bank officials, issued fraudulent loans and made secret side deals to convince borrowers to take over soured loans following the market downturn in 2007. It also says bank management falsified documents during a review by the Office of the Comptroller of the Currency in 2009.

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