State banks doing better this quarter
Wisconsin Business-- Wisconsin banks are doing better these days. The FDIC said today that one-of-every-eight banks did not make money in the third quarter of the year. In 2010, one-of-every-five banks had lost money from July-through-September.
Wisconsin banks are doing better these days. The FDIC said today that one-of-every-eight banks did not make money in the third quarter of the year. In 2010, one-of-every-five banks had lost money from July-through-September.
Bank consultant David Donihue said Wisconsin's 271 banks had combined earnings of 316-million-dollars in the most recent quarter. That's more than twice the profits of a year ago. Donihue said things are looking up, but there still needs to be improvement. He said the figures were adjusted to be a true comparison, after M-and-I Bank was sold to Canada's BMO Financial Group. M&I put a strain on previous banking reports, as it lost money for eight straight quarters before it was sold. Johnson Bank of Racine had the state's biggest loss from a year ago, at $19.5 million. Associated Bank of Green Bay had the largest net income at $49 million dollars.
Nationally, FDIC acting chairman Martin Gruenberg said banks have improved a lot since the financial crisis of late 2008. But he said the recovery is not complete by any means. He cites a continued distress in local real estate markets. And Gruenberg said many bank loans are still risky, due to a slow growth in jobs and personal incomes.
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