Community Bancshares of Blountsville, Ala., has revised downward its 1999 earnings after regulators recommended that the company write off a lingering claim against its fidelity bond carrier.

The $675 million-asset company Monday restated its 1999 net income as $1.7 million, or 51% less than the earnings reported on Jan. 12 and 54% less than in 1998. The revision was made in connection with a $2.6 million receivable - and its related income - that was recorded in last year's financial statements but did not materialize.

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