The president of Petefish, Skiles & Co. said Wednesday that embezzlement charges against a former employee “will have no significant impact on the bank.”
Thomas Prather released the statement a day after former Petersburg bank manager Stephen Bradley, 64, of Petersburg, was charged in federal court with embezzling nearly $835,000 from January 2003 to March 1, 2010.
According to the bank, Bradley joined the Petersburg bank in 2000 and was terminated in March this year.
“All banks are required to have insurance for these types of situations. The bank has worked closely with the victims directly involved in the embezzlement to help minimize the harm done to them and insures a full recovery of any loss,” Prather said in the statement.
Prather said the embezzling involved creation of fraudulent loans and misappropriation of funds.
In addition to Petersburg, the bank has offices in Virginia, Tallula, Greenview, Chandlerville and Havana.
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