Fraud losses

While Noah Bank’s CEO has been accused of self-dealing in connection with SBA loans, its chairman says the directors had a succession plan ready to go and are rallying to rescue the bank’s reputation.

Examiners could have done more to minimize the brunt to the Deposit Insurance Fund from Washington Federal Bank for Savings, which hid fraudulent loans and will cost the fund more than $80 million, according to a report from the Treasury’s inspector general.

Add S&T Bancorp to the list of lenders that appear to have exposure to a Pennsylvania fuel supplier dealing with alleged employee fraud.

The company will take a nearly $10 million hit after setting aside funds to cover a case of potential borrower fraud.

The results suggest that even as financial institutions implement more sophisticated fraud-mitigation techniques, they have not been keeping pace with criminals.