Entegra Financial in Franklin, N.C., has reached a settlement with an adviser over unexpected charges tied to a past acquisition.
The $1.7 billion-asset company disclosed in a regulatory filing Thursday that an unnamed adviser agreed to pay it about $1.8 million by April 30. The payment addresses all claims against the adviser.
Entegra disclosed during a Jan. 16 conference call tied to its
“We have pursued recovery of that tax penalty from a couple of our former advisers,” David Bright, Entegra’s chief financial officer, said during the conference call. He noted that the deal with SmartFinancial was set up so Entegra could distribute any recoveries to its own shareholders.
Entegra
SmartFinancial expects to complete its purchase of Entegra this quarter.