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Bank's financial strength not affected by frauds

Bank's financial strength not affected by frauds

June 6th, 2012 in News

The strong financial condition of The Callaway Bank was not affected by two bank frauds totaling $3.9 million that occurred four years ago, Bruce Harris, president of Callaway Bank, said Tuesday.

Harris said the bank lost $1.2 million to fraud by the owner of Columbia car dealerships and also had a $2.7 million bank loss in a cattle fraud case.

Harris said the car dealership fraud involving The Callaway Bank's branch in Columbia and the cattle fraud case involving the Callaway Bank's Fulton office. Both occurred in 2007 and 2008.

"Both of these cases were charged off our books in 2008," Harris said. "The financial impact of those two fraudulent activities has already been absorbed."