Banks, Insurer To Settle Fraudulent Transfer Coverage Row

By Katryna Perera (August 3, 2022, 10:44 PM EDT) — First National Bancorp Inc., its Montana subsidiary and their insurer reached a tentative settlement Wednesday to resolve a federal dispute over coverage of $900,000 in losses stemming from a fraudulent wire transfer.

The banks filed a notice of pending settlement stating they reached a tentative deal during a mediation session, and they expect the agreement to be finalized in September. The notice did not include any details of the settlement terms.

FNB and First Montana Bank sued insurance provider StarNet Insurance Co. in May, claiming it breached its contract with the banks when it refused to provide coverage for a $900,000…

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