By Amy Worden

LAKELAND, Fla. (APBNews.com) -- A veteran Lakeland police officer once heralded as officer of the month for saving a person from a burning building is now facing 40 years in prison on federal drug charges.

William Alonzo Banks Jr., 31, of Lakeland was arrested by FBI agents Monday on charges of possession with intent to distribute marijuana, cocaine and crack cocaine.

Banks, a five-year veteran of the Lakeland Police Department, was released Tuesday on $50,000 bond following an initial appearance before a U.S. magistrate.

The Lakeland Police Department suspended Banks without pay Tuesday.

FBI: High on the job

During an interview with special agents following his arrest, Banks admitted he used cocaine and marijuana on an intermittent basis since 1997, but began regularly snorting cocaine about five months ago, at times before reporting to work as a uniform patrol officer, according to an affidavit.

Banks also admitted he had placed an order for cocaine and had carried cocaine while on duty, the affidavit said. A search revealed Banks had a 1-inch square packet of cocaine on him at the time of his arrest, and glass vials often used for reselling cocaine were found in his squad car, the affidavit said.

The arrest followed an investigation involving several informants and tapes of Banks' phone calls.

Indictment sought

The U.S. attorney will be seeking a grand jury indictment within 30 days, spokesman Monte Richardson told APBNews.com.

In a statement, Lakeland Police Chief Sam Baca called Banks' arrest "extremely unfortunate for many people" and said the department was "saddened" by Banks' alleged criminal actions.

In January 1995 Banks was named police officer of the month for risking his life to save a person during a fire. He also had received other commendations, a police spokesman said.

(Amy Worden is an APBNews.com national correspondent.)