A St. Louis-area developer who along with a former banker defrauded a Sedalia bank out of millions of dollars has been sentenced to three years in jail.
A former suburban St. Louis banker has pleaded guilty to defrauding a Sedalia bank out of millions of dollars and using the money to try and save other investments.
Excel Bank, Sedalia, was closed Friday by the Missouri Division of Finance, which appointed the Federal Deposit Insurance Corporation (FDIC) as receiver. To protect the depositors, the FDIC entered into a purchase and assumption agreement with Simmons First National Bank, Pine Bluff, Arkansas, to assume all of the deposits of Excel Bank.