Monday October 6, 4:55 pm ET PHOENIX--(BUSINESS WIRE)--Towne Bancorp (OTCBB: TWNE - News ), the holding company for Towne Bank of Arizona, today announced it expects to take additional provision expense of $2.4 million as of September 30, 2008. This will result in a $0.7 million increase in Allowance for Loan and Lease Losses (ALLL), for a total ALLL of $4.9 million. As of September 30, 2008, the Bank will also reduce the book value of its OREO by $1.2 million to reflect a continued softening in the real estate market. “Given current economic events and the...
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