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.