JACKSON, MISS., JUNE 20 -- A federal grand jury has returned a 12-count indictment against a former Jackson couple for their role in the failure of Republic Bank For Savings, officials said today.

Philip K. Shunk, and his wife, Linda, are jointly charged with one count of conspiracy to misapply Republic's funds, three counts of making false entries in various bank reports and one count of converting the proceeds of stock held by Republic to their own use.

Philip Shunk faces a maximum penalty of $3 million in fines and up to 65 years in prison. Linda Shunk faces up to 30 years in prison and a $1.25 million in fine.

Federal regulators were appointed two years ago to take over Republic, which reportedly had a deficit of $12.3 million, said U.S. Attorney George L. Phillips.

''As a result of federal investigations, we now believe that Republic's losses may be significantly higher,'' Phillips said.

Philip Shunk was president of Republic, and Linda Shunk was named executive vice president and chief financial officer. The indictment charges that one or both of them made false statements in Republic's records concerning meetings of the loan committee nine times in an effort to deceive S&L examiners.

Meanwhile, the Federal Resolution Trust Corp. has put Baltimore's Yorkridge-Calvert Federal Savings Bank, with assets of $540 million and deposits of $348 million, up for sale, as well as Buffalo, N.Y.'s financially troubled Empire Federal Savings Bank.