Parkvale Financial Corp. in Monroeville, Pa., said late Tuesday that it plans to restate financial information for two fiscal years to correct an error tied to deposit insurance.
Parkvale said in a press release that regulations adopted by the Federal Deposit Insurance Corp. changed the manner in which deposit insurance assessments were collected, resulting in a change to the accrual practice.
The $1.8 billion-asset company said that the change will increase deposit insurance expense by $736,000 in fiscal 2009 and by $335,000 in fiscal 2010. Both fiscal years end on June 30. The change will widen the company's 2009 loss by 7%, to $11.1 million, and its 2010 loss by 2%, to $18.4 million.
