Clayton was a Union National Community Bank vice president when police say he used the identities of three bank customers - including his wife's grandfather - to take out loans. The bank's president says Clayton has been fired.
Police say none of the victims lost money and Clayton has repaid about half of the loan amount.
Clayton has been released on $25,000 unsecured bail. Defense attorney Mark Walmer says Clayton has cooperated in the investigation and "is doing his best to accept responsibility."