Overby charged with bank fraud

Grand jury indicts former Waupaca CEO

A federal grand jury in Green Bay returned a 13-count indictment charging Archie Overby, 70, with bank fraud and misapplication of bank funds.

Overby was the former president, CEO and chairman of the board of First National Bank in Waupaca.

He left the bank in May 2016 after an investigation by the Office of the Comptroller of the Currency.

The OCC ordered Overby to pay $1.6 million in restitution and $100,000 in fines.

The May 7, 2019, indictment alleges that between 2010 and 2013, Overby defrauded the bank by expensing it for luxurious personal travel and entertainment for himself, his family and friends.

His alleged trips taken at bank expense include Tanzania, the Cayman Islands and St. Maarten, as well as to luxury hotels and resorts in California, Texas, Florida and North Carolina.

According to the indictment, Overby’s personal travel exceeded $1.2 million dollars.  The bank also give him an additional $320,930 to cover taxes on the proceeds.

If convicted of these offenses, Overby faces up to 30 years in prison and a $1 million fine on each of the 13 counts.

Overby is currently living in Plano, Texas.