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Old 04-04-2009, 07:32 PM
Terrel L. Shields's Avatar
Terrel L. Shields Terrel L. Shields is offline
 
Join Date: May 2002
Location: Springtown, AmeRica
State: Arkansas
Professional Status: Certified General Appraiser
Posts: 40,665
Default Metro Forced to Restate Earnings (loss)

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The bank overstated its net income by $7.8 million, ....The restatement was prompted by a routine audit ...by federal regulators ...
In the fourth quarter the bank said it lost $5.7 million, after it originally reported fourth-quarter net income of $2.03 million.
A million up, a million down wazza difference?

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the loans were first made they were based on higher appraisals. If the banks are still carrying loans where collateral doesn't appraise to cover the debt, then reclassification is likely required by regulators
And Metro's reputation is......(psst, we all know.)
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Old 05-06-2009, 10:43 PM
Terrel L. Shields's Avatar
Terrel L. Shields Terrel L. Shields is offline
 
Join Date: May 2002
Location: Springtown, AmeRica
State: Arkansas
Professional Status: Certified General Appraiser
Posts: 40,665
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Metro announced another bad quarter. I am sure the FDIC is going over their books pretty closely. I am beginning to wonder if they will "make it"... a pretty big fish for someone to swallow.
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