A major stockholder in a bank that failed several years ago has admitted to deceiving officials about his interest in loans made by the bank and to mortgage fraud.

In 2009, Excel Bank opened a loan production office in Clayton Missouri — leading to a dramatic increase in real estate lending for the Sedalia, Missouri-based financial institution.

The bank, which was originally established in 1964, made residential and commercial real estate loans from the location. A state bank regulator called the CRE lending "aggressive."

Source: Mortgage Daily