Community Capital Corp. of Greenwood, S.C., said bad consumer loans may wipe out its fourth-quarter profits.
The $318 million-asset company said last week that it will take a one- time charge to cover losses on loans made at a branch of one of its six subsidiary banks.
"Numerous small credits" but no large ones were involved, said William G. Stevens, president and chief executive officer. He did not name a total but said the charge should be adequate.
"We are confident that this is an isolated problem," Mr. Stevens said. "Certain corporate changes" have been made to ensure it does not happen again, he added; he did not elaborate.
Community earned $338,197, or 12 cents a share, in the this year's third quarter and $138,000 in the fourth quarter of 1997.
Its lightly traded stock dropped 12.5 cents last Thursday, the day of the announcement, to $10.50. At midday Monday it was at $9.875.