Coastal Community Bank Executives Indicted by Federal Grand Jury

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A trio is facing 9 federal indictments in the failure of Coastal Community Bank of Panama City and Bayside Community Bank of Port St. Joe.

Donald Terry Dubose, Elwood Ladon West, and Frank Alfred Baker have been charged by a Federal Grand Jury with nine counts related to the failures of the banks 37 months ago.

The banks failed in July of 2010 and was seized by the FDIC.

A sealed indictment was returned by the Federal Grand Jury on July 9th and unsealed Wednesday.

The indictment alleges that Coastal Community Investments was a bank-holding company that owned both banks.

Dubose was the Chairman and CEO of Coastal and the second largest Coastal shareholder.

West was the CFO of Coastal and a Coastal shareholder.

Baker was an attorney for Coastal and was Coastal's largest shareholder.
They will be arraigned at panama city federal court tomorrow.

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