This week, as part of a plea agreement, Archie Overby, formerly CEO and chairman of the board of Waupaca Bancorporation Inc./First National Bank, pleaded guilty to one charge of misapplication of bank funds and was sentenced. A dozen counts of bank fraud were dismissed.

U.S. Attorney Matthew Krueger stated that Overby treated the bank as his “personal piggy bank,” and the case “serves as an example that professionals who abuse their positions of trust will be held accountable.”

But citing Overby’s age — 71 — and the coronavirus pandemic, Judge William Griesbach sentenced Overby to merely pay back about $146,000, from the single count to which he pleaded guilty, on top of the larger restitution he paid as part of a prior civil action.

Overby “misapplied” banks funds totaling $1.6 million.

First National Bank had branches throughout Waupaca County including Iola and was headquartered in Waupaca.

See the Milwaukee Journal article here.