EAST LIVERPOOL, Ohio Potters Financial Corp. said it will record a $296,000 charge related to check fraud at its Potters Bank unit that will cut second quarter results by about 29 cents a share.
In a press release Monday, Potters Financial said that despite the charge, it still expects to earn a profit in the second quarter. In the second quarter ended June 30, 1999, Potters earned $309,000, or 31 cents a diluted share.
Potters filed a suit against National City Corp.'s National City Bank unit and others relating to the check fraud. Potters said it deposited cashier's checks issued by National City Bank into a customer's account, and payments to Potters on the checks were stopped by National City Bank upon its discovery of alleged criminal activity in which the checks were issued in a fraudulent manner. National City declined comment.