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Kenneth Lehman is getting ready to increase his stake in Liberty Bell Bank (LBBB) in Marlton, N.J.
April 14 -
Liberty Bell Bank in Marlton, N.J., said it has been victimized by a check-kiting incident, which widened its loss in the second quarter.
July 30
Liberty Bell Bank in Marlton, N.J., has appointed a new chief executive as it continues to work through credit issues.
The $149 million-asset bank said in a press release last week that Benjamin Watts, its former chief financial officer, had become its president and CEO. Watts succeeded Kevin Kutcher, who became vice chairman and director of corporate and business development. Dennis Costa, who had been senior vice president of finance, was named chief financial officer.
Liberty Bell also announced that Kenneth Lehman, the
The bank said it lost nearly $1.5 million in the third quarter, compared to a narrow profit a year earlier, as it addresses past credit issues. The loss includes a $167,000 loss tied to the writedown of foreclosed properties, a $927,000 loan-loss provision, $110,000 in legal expenses tied to its troubled-asset portfolio and $36,000 in costs tied to other real estate owned.
"We have made significant progress in cleaning up the problems we have faced from the recession and the
Criticized and classified loans fell 11% at Sept. 30 compared to the end of last year, to $8 million. Other real estate owned fell 16% at Sept. 30 from the end of 2013, to $5.3 million.