Bank Chairman Pleads Guilty to Misusing Public Funds

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ASHLAND - Darryl Layne Woods, the former chairman and CFO of Mainstreet Bank in Ashland, pleaded guilty in federal court Monday to misleading federal investigators.

Woods, 48, used more than $381,000 in bank bailout funds to buy a condo in Fort Myers, Fla. 

Woods, a Columbia resident, also served as the chairman, president, and majority shareholder of Calvert Financial Corporation. It is the bank holding company for Mainstreet Bank.

In November of 2008, Calvert Financial applied to receive funds from the Troubled Asset Relief Program (TARP). This program provides capital to companies to help them build their capital base and generate more financing for businesses and individuals.

Calvert Financial received more than $1 million in January of 2009 through TARP. 

Woods admitted to purchasing the condo on February 2, 2009.

Woods could face a sentence of one year in federal prison without parole, plus a fine of up to $100,000. 

No members of his family were charged.

A sentencing hearing will be scheduled once the investigation is completed.