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Sunshine Financial in Tallahassee, Fla., has asked for permission to switch to a state bank charter from a federal thrift charter.
July 13 -
PeoplesSouth Bank in Colquitt, Ga., has agreed to buy Cadence Bancorp's Florida Panhandle branch network.
July 20 -
Profits at Capital City Bank Group nearly doubled in the second quarter as the Tallahassee, Fla., company continued to shed problem assets.
July 22
Sunshine Financial in Tallahassee, Fla., will restate earnings for the first and second quarters after it discovered an accounting error.
The $153 million-asset company will reduce net income to $51,000, or 5 cents per share, for the six-month period ending June 30, according to a
Sunshine will also lower cash holdings by $275,000, raise other liabilities by $39,000 and raise deferred income taxes by $118,000.
The revision stems from an omission of $314,000 of data-processing charges incurred during the first half of the year. The error went undetected because of a material weakness in Sunshine's internal controls related to automated clearinghouse payments and correspondent bank accounts. The company said it has resolved the internal control weakness.
Sunshine was delayed in reporting the revision because the data-processing company mailed invoices to an incorrect address for Sunshine.
