Ex-Officer at Failed Bank Pleads Guilty to Fraud

ATLANTA (AP) -- ATLANTA -- The former commercial loan officer of a failed Georgia bank has pleaded guilty to bank fraud.

U.S. Attorney Sally Quillian Yates said 45-year-old Clayton A. Coe of McDonough, former officer with First City Bank of Stockbridge, was charged with tricking the bank's board of directors into approving an $800,000 loan from which he personally profited.

Yates said Coe also pleaded guilty to filing a false federal income tax return that omitted nearly a half million dollars in income from his job at the bank.

First City Bank of Stockbridge failed and was seized by the FDIC and state banking authorities in March,2009.

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