NORFOLK, Va. (AP) - A federal grand jury is investigating the lending and reporting practices of Bank of the Commonwealth and officials with its parent company.
The Virginian-Pilot reports that the company announced the investigation in a filing with Securities and Exchange Commission on Friday.
Regulators also are conducting a separate investigation into Commonwealth Bankshares Inc. and its practices regarding disclosure, books and records, internal accounting controls, and other matters. The company says its bank, the officers and directors are cooperating fully with all investigations.
It has been under orders from state and federal regulators to make sweeping changes in the way the bank conducts its lending and manages its risks.
Bank of the Commonwealth has assets of slightly more than $1 billion and 21 branches in South Hampton Roads and northeastern North Carolina.
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