logo
Share SHARE
FONT-SIZE Plus   Neg

Naugatuck Valley Financial Expects To Record Deposit-Related Charge In Q1

Naugatuck Valley Financial Corp. (NVSL), the holding company for Naugatuck Valley Savings and Loan or the "Bank", announced that it expects to record a pre-tax deposit-related charge of $800,000 during the quarter ending March 31, 2012. On an after-tax basis, the charge is expected to be about $528,000, or $0.08 per common share.

The company said that the charge relates to the underpayment of interest on certain certificates of deposit renewals potentially dating back to 2007, attributable to the renewal of certificate accounts at rates lower than the special rates that should have been offered in accordance with the Bank's deposit account disclosures. The affected certificate accounts are those that renewed under the accounts' automatic renewal option feature at a time when the Bank was offering promotional interest rates for new certificate accounts.

The company said that the Bank is in the process of calculating the amount of underpayment, which is contingent on identifying the specific certificate accounts that may have been affected. Currently, the Bank is only able to estimate the amount of the underpayment, which may range from $750,000 to $850,000. The company expects to complete its determination during the quarter ending June 30, 2012.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
They say there's plenty of fish in the sea, but very few of them are as wealthy as these tycoons. May be they have been so busy building their empires they never had the time to stick with a perfect partner to build their family. This list of the richest singles is assorted — from a 34 year-old... Anthony Levandowski, the head of Uber's self-driving division, is stepping away from his role as Uber continues a legal battle with Waymo, Levandowski's former employer. Levandowski, who founded startup Otto, became head of Uber's Advanced Technologies Group or ATG after Otto was acquired by Uber in August 2016. Southwest Airlines Co. has decided to end the practice of overbooking flights, the airline's CEO Gary Kelly said Thursday. The airline's plan to end overbooking could be implemented from May 8, according to a Southwest spokeswoman.
comments powered by Disqus
Follow RTT