Federal Deposit Insurance Corporation (FDIC) Inspector General Gaston L. Gianni, Jr., announced today that Clark K. Bush, former president of the Murphy-Wall State Bank in Pinckneyville, Illinois, has been indicted on eight criminal charges relating to alleged misconduct while serving as the bank's president.
The case was investigated by the FDIC's Office of Inspector General and is being prosecuted by the U.S. Attorney's Office, Southern District of Illinois. The Federal Bureau of Investigation (FBI) participated in the investigation.
Bush is charged with one count of obstructing the examination of a financial institution; one count of making false statements to the FBI; five counts of making false bank entries; and one count charging the misapplication of a bank loan.
Bush faces a possible sentence of five years of imprisonment and a $250,000 fine on the first two counts; and up to 30 years of imprisonment and a $1 million fine on the remaining six counts.
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Congress created the Federal Deposit Insurance Corporation in 1933 to restore public confidence in the nation's banking system. The FDIC insures deposits at the nation's 9,905 banks and savings associations and it promotes the safety and soundness of these institutions by identifying, monitoring and addressing risks to which they are exposed.
FDIC press releases and other information are available on the Internet at www.fdic.gov or through the FDIC's Public Information Center (800-276-6003 or (703) 562-2200).