Belmont Bancorp. Completes Study.ST. CLAIRSVILLE St. Clairsville may refer to:
Belmont Bancorp., parent company of Belmont National Bank, announced that it has completed its initial investigation into the circumstances surrounding the closing of Schwartz Homes Inc., New Philadelphia, Ohio New Philadelphia is a city in Tuscarawas County, Ohio, United States, 71 miles south of Cleveland on the Tuscarawas River. It was first incorporated in 1808. Coal and clay are found in the vicinity. . Schwartz Homes was a large commercial customer of the bank and many Schwartz Homes customers were consumer customers of Belmont National Bank. With Schwartz's closure, many Belmont National Bank consumer customers were left in the middle of their construction process. Belmont has endeavored over the past few weeks to work with these consumers and others for a quick resolution to this situation. Because of other secured creditors One who holds some special monetary assurance of payment of a debt owed to him or her, such as a mortgage, collateral, or lien. , and the nature of the collateral, the priority interest in this collateral remains in question. Currently the bank and other secured parties are working with a receiver to resolve any disputes. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. J. Vincent Ciroli Jr., president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Belmont Bancorp. and Belmont National Bank, when current management discovered potential problems with the Schwartz credits, they reported the situation to the bank's primary regulator, the Office of the Comptroller of the Currency The Office of the Comptroller of the Currency (or OCC) was established by the National Currency Act of 1863 and serves to charter, regulate, and supervise all national banks and the federal branches and agencies of foreign banks in the United States. . Management has conducted a review of both the Schwartz commercial and consumer credits and has determined to restate fiscal 1998 earnings to reflect the impact of Schwartz-related credits that were booked in prior periods. Belmont expects to report a restated net loss for fiscal 1998 of approximately $1.9 million or $0.37 loss per share. Additionally, the company expects to report a net loss for the first quarter of 1999 of approximately $2.6 million. Ciroli stated that a claim has been filed with the company's fidelity bond An insurance device in the form of a personal guaranty that protects against loss resulting from disreputable or disloyal employees or other individuals who possess positions of confidence. carrier seeking restitution. Jane Marsh, the company's chief financial officer, stated that Belmont National Bank and Belmont Bancorp. remain adequately capitalized according to the applicable regulatory standards. Additionally, according to Marsh, the company expects to announce first quarter results during the week of May 17, 1999. Certain statements in this release contain forward looking information. These statements are subject to certain risks and uncertainties. These risks and uncertainties could cause actual results to differ materially from the current statements. Belmont Bancorp. stock trades in the Small Cap Market of Nasdaq under the symbol BLMT. |
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