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FNB Foresees Loss Provision.
Greensboro -- After discovering that several bad loans had been made at its bank subsidiary financial services holding company here said that it expects significant additional provision to recover from the resulting credit losses.
FNB Financial Services Corp. and its bank subsidiary, FNB Southeast, are conducting investigations of loans in FNB Southeast's Harrisonburg, Va., region made in violation of certain of the bank's lending policies and procedures. The bank's management, internal audit personnel and independent consulting firms have undertaken these investigations.
According to FNB Financial Services Corp., the company expects to record a significant additional provision for credit losses in its fourth-quarter financial reports as a result of bad loans made from the bank's Harrisonburg branch. The bank discovered fraudulent loans in the second quarter of 2005 and has already recorded a fraud loss of $250,000 related to the actions of a former loan officer. FNB Financial Services also made a claim under its fidelity bond for $1.2 million in potential losses.
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Source: HighBeam Research, FNB Foresees Loss Provision.