Legal Proceedings
−Removed: There are no significant pending legal proceedings involving the Company other than those arising out of routine operations.
−Removed: None of these matters would have a material adverse effect on the Company or its results of operations if decided adversely to the Company.
+Added: On August 28, 2024, FLIC, a predecessor company to the Company by merger, filed an 8-K disclosing that its subsidiary, FNBLI was notified by a client of suspicious wire transfer activity in July 2024 involving the client's bank accounts.
+Added: According to the 8-K, the wire transfer activity arose as the result of unauthorized access to banking information within the client's control.
+Added: FLIC completed an investigation with the assistance of a digital forensic investigations firm, which did not yield evidence of unauthorized bank network activity.
+Added: The net amount of funds at issue, after the initial return of recalled wires, involved in the suspicious wire transfer activity is approximately $11.1 million.
+Added: On January 22, 2025, the client filed suit against FLIC and FNBLI claiming damages of approximately $11.1 million.
+Added: The Company and the Bank, as the successors to FLIC and FNBLI, vehemently disagree with the client's allegations and intend to vigorously defend these claims.
+Added: The case is still in the discovery stage.
Mine Safety Disclosures
1 unchanged sentence
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.