MONROEVILLE, Pa., Aug. 16, 2011 /PRNewswire/ -- Parkvale Financial
Corporation (NASDAQ: PVSA) announced today that it intends to
restate its Form 10-K for the fiscal year ended June 30, 2010 to correct an error related to
timing differences resulting from the accrual of FDIC deposit
insurance assessment expense. Regulations adopted by the FDIC
changed the manner in which deposit insurance assessments were
collected, resulting in a change to the Company's accrual
practice.
The periods covered by the restatement are the fiscal years
ended June 30, 2009 and June 30, 2010. The expected impact of
correcting the financial statements is to increase FDIC deposit
insurance expense by $736,000 and
$335,000, net of tax benefits, for
fiscal 2009 and 2010 respectively.
Additional information is included in an Item 4.02 Form 8-K
filed by the Company with the Securities and Exchange Commission on
August 16, 2011.
Parkvale Financial Corporation is the parent of Parkvale Bank,
which has 47 offices in the Tri-State area and assets of
$1.8 billion at June 30, 2011.
SOURCE Parkvale Financial Corporation