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genlou

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genlou

Re: SaltyMutt post# 2

Monday, 08/12/2013 11:39:13 AM

Monday, August 12, 2013 11:39:13 AM

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Salty,LBBB was robbed without a gun.

The loss for the three months ended June 30, 2013 is primarily due to the Bank being a victim of a check kiting scheme by one of its commercial deposit and loan customers. As a result of this check kiting, the Bank recognized approximately $2.1 million ($.60 per diluted share) as a loan charge-off. The Bank is aggressively pursuing collection of the loss; however, the timing and potential results of these efforts are uncertain.
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