A Lancaster bank has been rocked by widespread fraud at an equipment-financing subsidiary.
Sterling Financial Corp. said yesterday that it would take an after-tax charge of $145 million to $165 million against 2006 earnings of $36.45 million, temporarily stop paying dividends, and consolidate four bank subsidiaries to shore up its devastated capital base.
Sterling, with $2.63 billion in deposits at 61 bank branches in central Pennsylvania, northern Maryland and northern Delaware, said it had fired five employees at Equipment Finance L.L.C., which provides commercial financing for logging and land-clearing companies on the East Coast.
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The bank did not name the executives who were terminated, saying only that they included Equipment Finance's chief operating officer and executive vice president.
The company revealed the irregularities at Equipment Finance on April 19 and has been examining the problems ever since, releasing the first details ...
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