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Former exec testifies that Federal Savings Bank CEO expedited loans for Manafort

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Former exec testifies that Federal Savings Bank CEO expedited loans for Manafort

A former executive of Chicago-based Federal Savings Bank testified in court that the bank's chairman and CEO, Stephen Calk, was hoping to secure a role in the presidential administration while he was directly involved in approving $16 million in loans to Paul Manafort, who had been chair of President Donald Trump's election campaign, Reuters reported.

Dennis Raico, testifying under immunity in Manafort's fraud trial, said Calk had shown interest in being Treasury secretary or Housing and Urban Development secretary, the news outlet reported. Calk, who is a retired Army officer and who was a member of the economic advisory team of Trump's campaign in August 2016, has not received a position in the executive branch.

According to Raico, Calk expedited Manafort's loan applications.

A spokeswoman for Federal Savings Bank did not respond to Reuters' requests for comment. Calk declined to comment to Reuters.

Federal Savings Bank is a unit of National Bancorp Holdings Inc.