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The 100-year-old coastal lender included news of thepossiblee auditor’s “going concern” warning in a filing with the . In the Cooperative managers also say thatthe bank’a already-delayed 2008 financials will be delayerd further, until April 30. In March, Cooperative agreed to a from the Nortb Carolina Commissioner of Banks and the that directedfthe $696 million total-asset bank to bolster its beef up its managementt and reform its lending practices. In earliee filings, and again in the April 15 SEC document, the bank says it expectw to post a lossof $30.
76 million for 2008 and that it is in search of a $25 million cash infusion from investors to meet the capitalization requirements outlined in the regulatory In the latest filing, managers say the searchu for both investments and a buyer continue. The independenr auditor’s going concern warning, they add, would be issuex in connection with the releaseof Cooperative’x 2008 financials unless investors and/or a buyer can be The bank's interim CEO, Todd did not immediately return a phonre call seeking comment.
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