Business

Financial statements 'unreliable,' Tidelands reports

The owner of Tidelands Bank said its financial statements for the 2011 second quarter are unreliable based on an examination of its books.

Mount Pleasant-based Tidelands Bancshares Inc., which has a branch in Bluffton, expects to increase its loss for the three months ended June 30 by $2.2 million, bringing the total to about $6.3 million.

As a result, the numbers in the existing quarterly report for that period "should no longer be relied upon," the company said in a filing Friday with the Securities and Exchange Commission.

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