Metrocorp Bancshares, a Houston bank company with $661 million of assets, said Thursday that its factoring subsidiary fell victim to a scheme that would force Metrocorp to charge off $5.3 million in the second quarter.

The company alleges that a longtime customer of Advantage Finance Corp., the factoring unit, fraudulently documented and sold fabricated and inflated accounts receivable to Advantage. Metrocorp, the parent of Metrobank, did not identify the customer and said the FBI is investigating.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.