Horry County State Bank battling with insurance company over legal bills
By David Wren, The Sun News (Myrtle Beach, S.C.) | |
McClatchy-Tribune Information Services |
The Loris-based bank and its holding company --
The bank admits no wrongdoing but says the policy should help pay for its legal defense against the investigations.
The U.S. Attorney's office in
A federal judge has ordered the bank and the insurance company to participate in mediation in the hopes of avoiding a trial. That mediation must be conducted by
The investigations stem from the bank's sale ending in
The bank has deferred
Some investors allege in civil lawsuits that bank officials knew
The bank's holding company reported a net loss of
The bank has trimmed its non-performing assets -- that is, the value of its bad debt and foreclosed property -- to
A widely used measure of a bank's financial strength called the Texas Ratio -- which compares the amount of equity and loan loss reserves a bank has to offset risky loans and non-performing assets -- shows
Despite the bank's financial troubles, depositors' money is insured by the
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