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BRIEF-Poage Bankshares says unit uncovered evidence of suspected fraud involving origination of fictitious loans by employee
September 14, 2017 / 4:22 PM / 12 days ago

BRIEF-Poage Bankshares says unit uncovered evidence of suspected fraud involving origination of fictitious loans by employee

Sept 14 (Reuters) - Poage Bankshares Inc:

* Poage bankshares - ‍On Sept 12, Town Square Bank uncovered evidence of suspected fraud involving origination of fictitious loans by an employee

* Poage Bankshares says bank has terminated employee, and employee is under custody of law enforcement as of filing date​ - SEC filing

* Poage Bankshares Inc - To date, bank believes it has identified suspected fraudulent loans totaling approximately $1.4 million

* Poage bankshares - Bank has informed its fidelity blanket bond insurer of suspected fraud and engaged an outside firm to perform forensic audit‍​

* Poage bankshares - bank believes it may recognize losses on loans involved in suspected fraud - SEC filing‍​ Source text (bit.ly/2h480OW) Further company coverage:

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