Printer Friendly

Harvard Illinois Bancorp announces fraud on investments.

Global Banking News-October 2, 2014--Harvard Illinois Bancorp announces fraud on investments

(C)2014 ENPublishing -

Global Banking News - 02 October 2014

Harvard Illinois Bancorp Inc (OTCBB: HARI) has been advised by Pennant Management Inc, an investment advisor through which the company has invested approximately USD18.1m in repurchase agreements, that the loans underlying such repurchase agreements may be fraudulent.

The loans were purported to be guaranteed by the United States Department of Agriculture. Pennant has stated that it 'is diligently working to affirm the status of the USDA guarantee of each loan, subject to the repurchase agreement ...' and that it 'will do everything possible to see that [its clients] are made whole.'

The company is the holding company of Harvard Savings Bank. As of June 30, 2014, the company had total assets of USD170.9m and total stockholders' equity of USD20.8m.

[Editorial queries for this story should be sent to]

((Distributed via M2 Communications -

COPYRIGHT 2014 Normans Media Ltd.
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2014 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:Global Banking News (GBN)
Date:Oct 2, 2014
Previous Article:Southern Bancorp announces new executive leadership.
Next Article:Essex Credit merges with Bank of the West.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters