Ga. Banks Improve, but Still Post $694M Loss
Tony Potts
09-01-2010
According to the Federal Deposit Insurance Corp., banks in
Georgia posted an 11 percent improvement in earnings during
the second quarter. The state`s banks, however, had a collective
net loss of $694.1 million, compared to a net loss of $785.2 million
during the same quarter in 2009.
This marks the sixth straight quarter Georgia banks have failed
to make a profit as an industry.
`This is the best quarterly profit for the banking sector in
almost three years,` said FDIC Chairman Sheila C. Bair, in a
news release. `Nearly two out of every three banks are reporting
better year-over-year earnings. As long as economic conditions
remain supportive, most institutions should maintain
profitability and increase their capacity to lend.`
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