Banks post record earningsAllaying some fears of a...

BUSINESS DIGEST

December 11, 1992

Banks post record earnings

Allaying some fears of a year-end surge in bank failures, the government said yesterday that the nation's banks earned $8.5 billion in the three months that ended Sept. 30, their third consecutive quarter of record profits.

The third-quarter earnings broke the previous record of $7.9 billion, set in the second quarter, and were more than twice their level of $4.3 billion a year ago. The agency said 93.5 percent of America's commercial banks were profitable as of Sept. 30, up from 88.6 percent a year earlier. It was the best showing in at least five years.

BG&E subsidiary sues partners

A subsidiary of Baltimore Gas and Electric Co.'s unregulated division is suing its partners in a Hawaiian geothermal power plant for $10.9 million, charging that they failed to pay their share of the project's cost.

The lawsuit, filed Dec. 4 in U.S. District Court in Wilmington, Del., names AMOR VI Corp. and AMOR VIII Corp., two subsidiaries of OESI Power Corp., which is a builder and operator of geothermal plants based in Lake Oswego, Ore. The suit was brought by CE Puna LP, a subsidiary of Constellation Holdings Corp., BG&E's non-regulated operation.

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