StellarOne Corporation Announces Problem Asset Auction Results and Anticipated Loan Loss...

Monday October 6, 4:30 pm ET CHARLOTTESVILLE, Va., Oct. 6 /PRNewswire-FirstCall/ -- StellarOne Corporation (Nasdaq: STEL - News ; StellarOne) today reported that it expects to record an additional $1.7 million pre-tax charge on the recently concluded auction of certain assets that had been reclassified as held for sale in conjunction with the merger of Virginia Financial Group, Inc. and FNB Corporation. This concludes the disposition of the majority of such assets other than approximately $1 million in property that was taken back at auction and will be reflected in foreclosed assets and non-performing assets at net realizable value. StellarOne also expects its provisioning for loan losses to be approximately $6 million for the third quarter, with net charge-offs amounting to approximately $2.5 million for the quarter. The... [read full story]