First Charter Corp., Charlotte, N.C., has beefed up its loan-loss provisions after identifying approximately $12.9 million of residential rental property loans that appear to have questionable appraisals and collateral value."This matter has been reported to authorities and is under investigation," the corporation said. "As a result, the corporation has increased the provision for loan losses by approximately $2.4 million." The corporation also said that, depending on the investigation's findings, "it is possible that an additional provision for loan losses may be required with respect to these loans." First Charter can be found online at http://www.firstcharter.com.
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