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Harvard Illinois Bancorp announces fraud on investments.

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

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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.

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Publication:Global Banking News (GBN)
Date:Oct 2, 2014
Words:167
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