A former vice president of a Water Valley bank has been indicted by a federal grand jury on charges of taking money from the bank.

According to WCBI, Bill J. Pullen, 38, is free on bond after he was charged in a reportedly elaborate scheme to take about $1.3 million from Mechanics Bank in Water Valley.

According to court documents, the former loan officer would issue loans and lines of credit in the names of unsuspecting bank customers. He would take some of the money for himself and use some of the money to make payments on other bogus loans.