FDIC: Nevada-based banks lost money in 3rd quarter
Associated Press
11/25/09 9:15 AM PST
LAS VEGAS — Federal regulators say banks with Nevada charters continued to struggle in the third quarter.
A Federal Deposit Insurance Corp. report released Tuesday showed 27 state-chartered institutions lost $177 million in the first three quarters, compared with a profits of $19 million at the same time last year and $370 million two years ago.
The percentage of unprofitable banks rose to 85 percent from 61 percent a year ago and 29 percent two years ago.
Nevada Bankers Association chief Bill Uffelman says the FDIC report shows that banks in Nevada continue to be distressed.
Nationally, the FDIC reported $2.8 billion in third-quarter net income nationally, more than three times the $879 million a year earlier. Banks recorded a $4.3 billion net loss in the second quarter.
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Information from: Las Vegas Review-Journal, http://www.lvrj.com
