United Bank Reports $5M Loss On Investment

By: Associated Press
By: Associated Press

Charleston, W.Va. (AP) -- The parent company of united bank says it's rewriting third-quarter financial results to include a $5.04 million loss on an investment in a failed Chicago bank.

Charleston-based United Bankshares says in a regulatory filing Wednesday the loss stems from the shutdown of Park National Bank.

Federal regulators took over park and eight related banks owned by Oak Park, Ill.-based FBOP Corp. on Friday.

United says its investment in park was worth $8.47 million as of September.

The shutdown occurred four days after United had released its third-quarter results, which the bank says it's going to change in its next quarterly report to the securities and exchange commission.

United has approximately $8 billion in assets and branches in West Virginia, Virginia, Maryland, Ohio and Washington, D.C.

(Copyright 2009 by the Associated Press. All rights reserved.)

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