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TAMPA — An investigation into Florida Bank Group Inc.'s reporting practices conducted by the Federal Reserve Bank of Atlanta forced the Tampa-based bank to revise and reissue some of its earnings reports.
The bank will restate its results from the three- and six-month periods that ended June 30, 2010, as well as the three- and nine-month periods ended Sept. 30, a filing with the Securities & Exchange Commission shows.
The issue forcing Florida Bank Group to reissue its results is its allowance for loan losses. The Atlanta Fed told the bank to recognize a $5.9-million adjustment to its allowance for the quarter ended June 30.
Bank officials said the revised results would be issued “as soon as practicable.” Further, an internal evaluation of reporting and disclosure methods failed to identify any “material weakness” among the bank's standard procedures.
Yesterday, Florida Bank Group issued an official release stating that a pending merger with Palm Harbor-based Anderen Financial Inc. had been called off.
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