New Century Bancorp says unit may see informal regulatory action

06 August 2007 @ 08:19 pm EDT

New Century Bancorp. said its New Century Bank unit may face an informal regulatory action with state and federal regulators, due to deficiencies in underwriting for certain loans in its loan portfolio.

New Century Bancorp, which posted a second-quarter loss, said the results were impacted by a $2.5 million addition to its allowance for loan losses.

The company posted a second-quarter net loss of $197,000, or 3 cents a share, compared with net income of $1.3 million, or 23 cents a share, a year ago. (Reporting by Savitha Kalyanaraman in Bangalore)

Copyright 2009 Thomson Reuters. All rights reserved.

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