Monday, April 2, 2012

AB&T Financial to be late filing annual report

AB&T Financial Corp., which operates Alliance Bank and Trust in Gastonia, said in a securities filing Monday that it would not be able to file its annual report on time.

The filing states that despite progress, the bank and its auditors would need more time to prepare financial statements for its year-end report. The filing says that the bank will not report a significant change in results of operations.

In February, the FDIC announced a consent order with the bank, in which Alliance would have to review its management team, make a plan to resolve problem loans and keep capital levels high. CEO Dan Ayscue said at the time that the bank remains "very strong."