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 The former president of FirstSouth F.A., a defunct Arkansas thrift, pleaded guilty to conspiring to inflate the institution's earnings
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 by concealing worthless loan guarantees.
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 Roderick D. Reed III,
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 who was also chief operating officer of FirstSouth,
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 could receive a maximum sentence of five years in federal prison and a $250,000 fine.
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 A sentencing date hasn't been set.
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 Mr. Reed admitted 
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he conspired to conceal an agreement
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 not to enforce loan guarantees 
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executed by Dallas real-estate developers A. Starke Taylor III and George S. Watson,
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 both of whom were FirstSouth stockholders.
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 Neither Mr. Taylor nor Mr. Watson have been charged with criminal wrongdoing.
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 By concealing the non-enforcement agreement,
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 certain transactions with Messrs. Taylor and Watson were entered on FirstSouth's books as loans,
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 allowing the thrift to report fees and interest as current income,
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 according to the U.S. attorney's office in Little Rock, Ark.
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 The conspiracy was part of an effort by Mr. Reed 
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to hide FirstSouth's shaky financial condition from federal regulators,
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 according to federal prosecutors and regulators.
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 The $1.68 billion thrift was declared insolvent and closed in December 1986.
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 FirstSouth's former chairman and chief executive officer, Howard Weichern, is also charged with conspiring to conceal the agreements with Messrs. Watson and Taylor.
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 Mr. Weichern is scheduled for trial Jan. 3 before federal Judge Stephen Reasoner of Little Rock.
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