Carter Bank & Trust Fails to File Annual Report With the FDIC

Carter Bank & Trust (NASDAQ: CARE) has failed to file its annual report with the Federal Insurance Deposit Corporation, according to a regulatory filing yesterday.

The bank, based in Martinsville, Virginia, said in the filing that, along with its auditor, it is still evaluating the collateral behind an impaired loan relationship.

"The results of a pending independent appraisal regarding the collateral supporting this impaired loan relationship could potentially impact the financial statements to be included in such Form 10-K if it results in a reserve being necessary for this loan relationship," Carter Bank & Trust's CFO, Wendy Ball, said in the filing. "In addition, there is a potential deficiency in internal controls primarily relating to the valuation of impaired loans within the Allowance for Loan Losses, which could affect prior periods."

Continue reading

Source Fool.com