FNB Financial Services Corporation Anticipates Significant Provision for Credit Losses for 2005
January 03 2006 - 11:03AM
Business Wire
As previously announced, FNB Financial Services Corporation
(NASDAQ: FNBF) and its bank subsidiary, FNB Southeast ("Bank"), are
conducting investigations of loans in the Bank's Harrisonburg,
Virginia region made in violation of certain of the Bank's lending
policies and procedures. These investigations have been undertaken
by the Bank's management, internal audit personnel and independent
consulting firms. Additionally, these and related matters have been
reviewed by the Bank's primary federal banking regulator in the
course of the regulator's periodic examination of the Bank.
Management of the Bank anticipates that a significant additional
provision to the Bank's allowance for credit losses will be
recorded in the financial results for the year ending December 31,
2005. The amount of such provision cannot be specified at this
time. Management expects that the evaluations and considerations
necessary to establish the amount of the additional provision will
be completed in the latter part of January 2006. FNB Financial
Services Corporation has 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.
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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