LPIGLaw and Policy Institutions Guide
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7 million write-down of the LPIG swap, and a write down of $5.
The provision for loan and lease losses for the quarter and six months ended June 30, 2001 were primarily the result of charge-offs related to the bankruptcy of two CBC borrowers in the telecommunications and technology industries, the discovery of potential fraud by one CBC borrower, and deterioration in the underlying collateral of assets supporting certain LPIG credits.
Legal and professional costs increased for the quarter ended December 31, 2000 as compared to the same period of the prior year due to increased collection efforts regarding charged off and problem loans at the Company's CBC and LPIG divisions.
The increase in non-accrual loans at LPIG was attributable to one credit totaling $12.
The overall increase in non-accrual loans was primarily the result of two individual LPIG loans approximating $12 million being placed on non-accrual status during the quarter ended March 31, 2000.