A Northern Virginia real estate developer, who is a director of McLean Savings and Loan Association was arrested yesterday and charged with receiving $15,000 in stolen goods at his home.

Frank G. Eubank, Jr., 50, a member of the McLean Savings board since the firm's inception 2-1/2 years ago, was charged with five felony counts of receiving stolen property at his home, 1268 Beverly Rd.

Police "found silver, china, crystal, oriental rugs, television sets and radios," during a search of Eubank's home, a police spokesman said. Officers have traced the confiscated goods to 45 burglaries that had been committed in the McLean area in the last several months.

Eubank said in a telephone interview last night that he realized that the people who were selling him china and silverware had had some problems with police, but said he had no idea the goods were stolen. "It's a very bizarre situation," he said.

"They told me that their family was selling off silverware and china to help pay off medical bills. I trusted them, but apparently they have been doing some breaking and entering," Eubank said.

"I'm just absolutely amazed to know that the goods were stolen, but I don't think that I did anything wrong," Eubank said. He said that one of the men who had been selling him goods came to his home recently asking for money to pay off a "traffic fine."

"I had no idea he had just been arrested for breaking and entering," Eubank said.

Eubank was released yesterday without bond. If convicted, he could face a sentence of from one to 20 years in prison.

Police spokesman Warren R. Carmichael said the investigation followed the recent arrests of seven persons suspected of burglarizing McLean homes. Officers have been attempting to trace a "conduit system" through which the stolen goods were allegedly being disposed of.

Officials of the McLean Savings and Loan Association yesterday expressed shock when told of Eubank's arrest. "My goodness," said one official. "He has been a director for us since we started two and one-half years ago.

Eubank is one of the association's 15 board directors, and was said to have played a major role in getting the Savings and Loan Association started in 1977.

The official described Eubank as active in the McLean area civic affairs.

He was a "behind the scenes initiator, a guy with real influence," said one official.