FNB Financial Services Corporation Update on Investigation of Improper Loans
2005年9月17日 - 4:32AM
ビジネスワイヤ(英語)
FNB Financial Services Corporation (NASDAQ: FNBF) ("FNB"), parent
of FNB Southeast (the "Bank"), announced today that FNB is
continuing its investigation of improper loans and other
transactions and activities in violation of certain policies and
procedures of the Bank undertaken by a former loan officer in the
Bank's Harrisonburg Region. Upon discovering these loans,
transactions, and activities in the quarter ended June 30, 2005,
FNB recorded a fraud loss of $250,000. During July and August of
2005, FNB engaged in reviews of the loan portfolio of the former
loan officer through both the Bank's internal audit function and an
independent consulting firm. Based on these reviews, the Bank
reclassified the risk grades of certain loans in that portfolio
with the result that the Bank made special provisions to its
allowance for credit losses of approximately $900,000 during the
first two months of the third quarter. The Bank will continue to
scrutinize the loan portfolio of the former loan officer in order
to determine if additional special provisions are warranted in the
future. FNB has asserted a claim under its fidelity bond for
potential losses of approximately $1.2 million resulting from the
conduct of the former loan officer. In addition, with the consent
of the issuer of the fidelity bond, the Bank anticipates entering
into a repayment arrangement with the former loan officer under
which the former loan officer will agree to pay to the Bank an
agreed upon amount and to guarantee repayment of loans made by him
to affiliated parties, and will further agree to collateralize a
portion of his repayment and guarantee obligations. At this time,
FNB is unable to predict with certainty the amounts to be recovered
or the timing of recovery from its claim on the fidelity bond
and/or under the anticipated repayment agreement with the former
loan officer. FNB Financial Services Corporation is a financial
holding company headquartered in Greensboro, NC with one
subsidiary, FNB Southeast, a North Carolina chartered commercial
bank. FNB Southeast currently operates 17 banking offices located
in North Carolina and Virginia. FNB Southeast Mortgage Corporation
and FNB Southeast Investment Services, Inc. are operating
subsidiaries of FNB Southeast. Additional information regarding FNB
Financial Services Corporation can be accessed online at
www.fnbsoutheast.com. Information in this press release may contain
"forward-looking statements." These statements involve risks and
uncertainties that could cause actual results to differ materially,
including without limitation, the effects of future economic
conditions, governmental fiscal and monetary policies, legislative
and regulatory changes, the risks of changes in interest rates and
the effects of competition. Additional factors that could cause
actual results to differ materially are discussed in the Company's
recent filings with the Securities and Exchange Commission,
including, but not limited to, its Annual Report on Form 10-K and
its other periodic reports.
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