Seven bankers have been indicted by a federal grand jury of conspiring to defraud their Georgia bank.  The thirty-five count indictment named the former president of the bank and six other bank officers, accusing them of contributing to the failure of First National Bank of Savannah.  The bank failed in 2010, costing the Federal Deposit Insurance Corporation (FDIC) $90 million.    

The seven allegedly colluded to hide the bank's deteriorating condition and its millions of dollars in non-performing loans from the bank, members of the bank's Board of Directors and federal regulators by loaning money to unqualified nominees to make interest and other payments on non-performing loans.   They also are accused to attempting to entice others to take over bad loans with hidden promises, side deals, and other terms unfavorable to First National Bank and recruiting other banks to fund non-performing loans based on fraudulent information about the loans' quality.  The defendants allegedly falsified and fabricated numerous bank documents and records to further their scheme. 

Two of the officers...