3 men indicted in-connection with the collapse of Coastal Community Bank of Panama City and Bayside Community Bank of Port St. Joe, appeared in court Thursday afternoon for arraignment.
Donald Terry Dubose, Elwood Ladon West, and Frank Alfred Baker appeared before Federal Magistrate Charles Bodiford at the Federal Courthouse in downtown Panama City.
All 3-are charged with 9-counts of conspiracy, wire fraud, false statements, and making a false claim against the United States.
US Attorneys claim the officers were guaranteeing loans with bank stock, then defaulting on the loans, making the stock virtually worthless.
The Federal Deposit Insurance Corporation, or FDIC, seized both banks in July of 2010 and sold them to Centennial Bank.
Each defendant waived their right to a speedy trial Thursday.
Dubose, Baker and West will be able to speak to each other with their attorneys present but they cannot travel, they must surrender their passports, and any firearms, and they must abstain from excessive alcohol use.
Their trial date is tentatively set for February 24th
If convicted, each faces between 5-and-30 years on each of the counts in the indictment.