- Associated Press - Thursday, July 31, 2014

DOTHAN, Ala. (AP) - A former Coffee County bank president is accused of receiving cash in exchange for loans and making false bank entries.

Federal authorities arrested James Kelly Baxter on Wednesday. He is the former president and CEO of Peoples Bank of Coffee County in Elba.

The Dothan Eagle reports (http://bit.ly/1nMMTzp ) that a 20-count indictment unsealed after Baxter’s arrest states that he profited from multiple loans made to individuals through cash payments and proceeds from land purchases made with loan funds.

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Information from: The Dothan Eagle, http://www.dothaneagle.com