The plaintiff alleged that the firm, between 20 April 2010 and 25 January 2012, was improperly recording income on loans covered under loss share agreements with the Federal Deposit Insurance Corporation (FDIC), and lacked adequate internal and financial controls.
The firm violated Section 10(b) of the Securities Exchange Act of 1934 and SEC Rule10b-5 for not preparing the financial results in accordance with generally accepted accounting principles.
Enterprise Financial said that during the periods an error in the process Enterprise used to record income on loans covered under loss share agreements with the FDIC resulted in the overstatement of the Company’s reported income.
Delaware based Enterprise Financial provides banking and wealth management services to customers in the St. Louis, Kansas City, and Phoenix markets.
