PANAMA CITY — Federal prosecutors have charged Coastal Community Bank officials with wire fraud, making false statements and making a false Federal Deposit Insurance Corporation claim.
Donald Terry Dubose, aka “Terry Dubose,” 65, of Panama City Beach; Elwood Ladon West, aka “Woody West,” 39, of Monroeville, Ala.; and Frank Alfred Baker, 61, of Marianna, have been charged by a federal grand jury with one count of conspiracy to commit wire fraud against the Federal Deposit Insurance Corporation (FDIC), seven counts of wire fraud, three counts of making false statements to the FDIC, and one count of aiding and abetting a false claim against the United States, federal prosecutors said in a news release.
A sealed indictment was returned by a federal grand jury on July 9 and unsealed Wednesday. The Indictment alleges that Coastal Community Investments (“Coastal”) was a bankholding company that owned Panama City Beach-based Coastal Community Bank and Port St. Joe-based Bayside Savings Bank. Coastal Community Bank and Bayside Savings Bank both failed July 30, 2010. Dubose was the chairman and chief executive officer of Coastal and the second largest Coastal shareholder. West was the chief financial officer of Coastal and a Coastal shareholder. Baker was an attorney for Coastal and Coastal’s largest shareholder, officials wrote in a news release.
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