The former CEO of Voyager Bank was sentenced Wednesday to 18 months in federal prison for obstructing an investigation by federal regulators into $5.5 million in loans he took from the bank.

Timothy P. Owens, 55, of Wayzata, was indicted in 2014, on charges of lying to federal examiners years before about personal loans he took from the now-sold Eden Prairie bank and obstruction of the subsequent investigation. Owens pleaded guilty last year to obstruction of an examination by a financial institution.

"The integrity of the examination process is central to ensuring the safety and soundness of the nation's banking system," said Fred Gibson Jr., acting inspector general for the Federal Deposit Insurance Corp., in a statement. "When a bank official misuses his position of trust to obstruct that process, he needs to be held accountable."

In 2009, a Minnesota Commerce Department examination of Voyager found "substantial" loans from the bank to officers and directors of the bank's parent company, Voyager Financial Services Corp. The discovery prompted an examination by the Federal Reserve Board to determine the risk of the insider loans to the federally insured institution.

According to the federal charges, Owens received a letter from the Federal Reserve about several million dollars in loans to Owens and a $7,500 line of credit. However, he did not inform the board and instead falsely informed the regulator that stricter policies had been approved by the Voyager board and that he was the beneficiary of a $3.6 million family trust that would reduce his debt level.

The purpose of the misrepresentations, according to the guilty plea, was to portray inaccurately Owens' financial circumstances and ability to repay the loans.

In 2011, Voyager fired Owens and accused him of fraud to finance a lifestyle that included a $4.5 million Lake Minnetonka home and a $2.5 million cabin. In 2014, Anchor Bank of St. Paul bought Voyager Bank, which had 65 employees and assets of $336 million.

In addition to his prison time, Owens will also undergo two years of supervised release.

Nicole Norfleet • 612-673-4495