Former bank chairman sanctioned

FORT MYERS — The Federal Reserve barred Missouri banker Darryl Woods from banking after he used government bailout money to buy a luxury condo in Fort Myers.

Woods was chairman and chief financial officer of Ashland Bank and president and chairman of Calvert Financial Corp. in Ashland, Mo. According to the Federal Reserve, Woods bought a luxury condo in Fort Myers with $381,487 of money from the Troubled Asset Relief Program.

In responding to inquiries from a TARP inspector, Woods failed to disclose the condo purchase. In August, Woods pleaded guilty to a criminal charge in connection with the use of the TARP funds and he was incarcerated in March, according to the Federal Reserve.

The purpose of TARP was to provide capital to financial institutions to build their capital base and boost lending to individuals and businesses.