TribLIVE

| Home


 
Larger text Larger text Smaller text Smaller text | Order Photo Reprints

Latrobe bank loses $182K in check scheme

On the Grid

From the shale fields to the cooling towers, Trib Total Media covers the energy industry in Western Pennsylvania and beyond. For the latest news and views on gas, coal, electricity and more, check out On the Grid today.

Daily Photo Galleries

Tuesday, Nov. 6, 2012, 12:01 a.m.
 

Commercial National Financial Corp.'s earnings in the third quarter were hurt by one-time items, including a counterfeit foreign check scheme by “local parties” that cost the Latrobe bank $182,000.

The parent of Commercial Bank & Trust of Pennsylvania said in its earning statement on Monday that “a series of counterfeit non-U.S./foreign check deposits was recorded” in the July-September quarter. The bank paid an additional $5,000 in legal fees related to the fraud.

“Full recovery on this wire fraud recognition and all associated legal costs is being aggressively pursued by corporate legal counsel against the local parties responsible for this incident,” CEO Gregg Hunter said in the statement.

Hunter and Thomas Watters, the bank's chief financial officer, could not be reached for comment.

Commercial National, which has 10 branches in Westmoreland County, earned $1.07 million, or 38 cents a share, in the July-September quarter, down from $1.88 million, or 65 cents a share, in the same quarter the year before.

Also among one-time charges was $35,000 the bank paid to settle a lawsuit over the compliance of its automated teller machines with federal disability-access requirements.

In August, Commercial National was ranked No. 1 for profitability and soundness for banks in Pennsylvania with less than $1 billion in assets, according to Bank Director magazine.

In June, the bank's board of directors voted to delist the bank's stock from the Nasdaq exchange and pull the shares registration with the Securities and Exchange Commission. The stock trades on the OTCQB Marketplace under the symbol CNAF. The change was expected to save the bank about $250,000 a year in accounting, legal and administrative costs.

Alex Nixon is a staff writer for Trib Total Media. He can be reached at 412-320-7928 or anixon@tribweb.com.

Add Alex Nixon to your Google+ circles.

Subscribe today! Click here for our subscription offers.

 

 

 
 


Show commenting policy

Most-Read Stories

  1. Route 19 accident in Mt. Lebanon injures five people
  2. Newkirk replaces Jones in Pitt’s starting lineup vs. Notre Dame
  3. UPMC researcher who died of cyanide poisoning committed suicide
  4. HOF finalist Bettis ‘behind everything’ in 2005 Super Bowl run
  5. New CEO eager to revitalize Pittsburgh International Airport
  6. Dungy, Greene represent more Steelers ties in hall of fame voting
  7. Rooney says Pittsburgh is ‘good place’ for next northern Super Bowl
  8. Penguins finally break through, defeat Devils at Prudential Center
  9. Penguins notebook: Bennett a healthy scratch
  10. Sting highlights demand for Pappy Van Winkle bourbon
  11. Nation sick of Obama blunders, Perry tells state Republicans