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By Bloomberg News | October 12, 2007
M&T Bank Corp., one of the first lenders to disclose that defaults were spreading beyond subprime mortgages this year, said yesterday that its third-quarter profit fell 5.3 percent as bad loans doubled and the company lost money on its investment in a Florida financial firm. Net income declined to $199 million, or $1.83 a share, from $210 million, or $1.85 a share, in the third quarter last year, M&T said in a statement. Analysts had expected the Buffalo, N.Y., bank to earn $1.93 a share, based on the average estimate of 13 analysts surveyed by Bloomberg.
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BUSINESS
By Natalie Sherman, The Baltimore Sun | June 2, 2014
Losses on loans made to investors rehabilitating city homes helped drive to failure a small savings bank founded by immigrants in East Baltimore more than 100 years ago, said the CEO of the bank that acquired much of its portfolio. Federal banking regulators closed Slavie Federal Savings Bank on Friday after losses on bad loans depleted its capital from $13.4 million in mid-2012 to $2.93 million at the end of March. The Bel Air-based thrift's $111.1 million of deposits and most of its loans were sold immediately to Bay Bank, FSB. The Office of the Comptroller of the Currency issued Slavie a cease-and-desist order in January for failing to address "unsafe or unsound banking practices," its most severe sanction, laying the groundwork for last week's closure.
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BUSINESS
By New York Times News Service | December 21, 1990
Several large banking companies announced steps yesterday to cushion themselves against rising loan losses, offering further evidence of the worsening loan situation at banks and of how broadly the problems are spread geographically.NCNB Corp. in Charlotte, N.C., said yesterday that its 1990 profits would shrink because the bank had set aside $55 million to $65 million for bad loans in the fourth quarter.Most of those loans are not paying interest or are uncollectible. Bad loans will reduce net income this year to about $360 million from $447 million last year, the company said.
NEWS
May 3, 2013
I must take issue with letter writer Stanley Glinka's assertion that it was "the policy of forcing banks to give loans to people who could not afford them" that led to our current financial mess ("Stop blaming Bush," May 1). First of all, we need to remember that the bad loans that crashed the economy were in the trillions of dollars, and low-income Americans obviously did not receive trillions of dollars in loans in the years up to the crash. There is legislation called the Community Reinvestment Act (CRA)
BUSINESS
By American Banker | July 13, 1991
NEW YORK (American Banker) -- Citicorp's chairman, John Reed, said at an internal meeting that the cost of bad loans in the bank's corporate-finance sector this year has been 25 percent worse than expected.Mr. Reed told bankers during a two-hour meeting Wednesday that Citicorp's corporate-banking sector has budgeted $1.28 billion in 1991 for credit-related items such as write-offs and the cost of carrying repossessed real estate. Based on early indications, however, the actual credit deficit is running at an annual rate of $1.6 billion.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | January 21, 2001
A nervous banker is a good banker, and there are plenty of nervous bankers these days. After eight years of surging profits and rapid loan growth, bankers are worried this year that the slowing economy will result in more problem loans and a stunted bottom line. Already, they are seeing signs of trouble, even though the Federal Reserve Board recently cut interest rates. Bad loans are growing, profit margins are shrinking, and income from fees charged consumers and corporate borrowers is declining.
BUSINESS
By Thomas Easton and Thomas Easton,New York Bureau of The Sun | October 20, 1991
New York -- When Citicorp, the nation's largest banking company, lays off "a ton" of employees, eliminates a dividend instituted the year before Napoleon abdicated, and suggests the company Christmas party is no longer on the house, it seems the whole industry is sliding closer to an abyss.Despite the bad news delivered last week by Citicorp CEO John Reed, Santa might visit the industry -- even if he is frazzled,leaner and a bit choosier about chimneys. Contrary to some reports -- and high-profile disasters -- U.S. banks may be on the verge of a recovery.
NEWS
By Jason DeParle and Stephen Engelberg and Jason DeParle and Stephen Engelberg,New York Times News Service | June 20, 1993
WASHINGTON -- After what its own auditors call years of neglectful management, the Department of Housing and Urban Development expects to lose as much as $11.9 billion as hundreds of apartment building owners default on their government-insured mortgages.Most of the losses, which are expected to occur in the next few years, would be borne by taxpayers through congressional appropriations. The troubled loans represent more than a quarter of the $43 billion in mortgages insured by the department under programs to encourage the construction of apartment buildings.
BUSINESS
By BLOOMBERG NEWS | October 10, 2002
ATLANTA - SunTrust Banks Inc. said yesterday that its profit rose 2.7 percent, missing analysts' forecasts by a penny a share, as the first of the 10 largest U.S. banks to report third-quarter earnings set aside more for bad loans. Net income climbed to $343 million, or $1.20 a share, from $334.1 million, or $1.15, in the corresponding quarter last year. Revenue rose 1.7 percent to $1.35 billion, about a third the growth rate of the second quarter. Analysts expected SunTrust to earn $1.21 a share.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | July 29, 2011
First Mariner Bancorp's bleeding increased during the second quarter as continued write-downs of real estate and bad loans left the Baltimore company with $11 million in losses. The 1st Mariner Bank parent, locked in a battle for survival, said Friday that its loss during April through June was more than double that of a year earlier. But the almost $4.7 million loss during the second quarter of 2010 would have been higher if not for a $3.8 million tax benefit during that period, the company said.
NEWS
May 1, 2013
I am not a fan of former President George W. Bush, but I must comment on the hatchet job that was The Sun's editorial about the opening of the Bush library in Dallas ("Misoverestimating Bush," April 28). During the last two years of Mr. Bush's presidency both the Senate and House had Democratic majorities, and the policies enacted by that Congress led to the worst economic downturn since the Great Depression. The policy of forcing banks to give loans to people who could not afford them was pushed by Democratic Rep. Barney Frank and Sen. Chris Dodd.
BUSINESS
By Eileen Ambrose, The Baltimore Sun | October 23, 2012
The Federal Reserve announced Tuesday that Patapsco Bancorp of Dundalk has agreed to take steps to maintain the soundness of the company and its Patapsco Bank subsidiary The company and the bank must submit plans showing how they will sustain sufficient capital, improve the bank's earnings, strengthen board oversight of management and operations, and reduce problem assets and exposure to commercial real estate. The company also can't declare dividends or borrow any money without regulators' approval.
NEWS
August 8, 2012
In his recent column ("The left and right view the world in predictable ways," Aug. 5), former Gov.Robert L. Ehrlich Jr.outrageously distorts the views of liberals on all the issues he addresses and repeats the rhetoric rather than the reality of the right wing's positions. With respect to the latest massacre in Colorado, he asks the "inconvenient" question: "How many lives would have been saved if someone in that theater had access to firearms of their own?" I can answer than easily: none.
NEWS
By Gus G. Sentementes, The Baltimore Sun | April 9, 2012
The parent of 1st Mariner Bank said Monday that it took a minority stake in a small Cecil County bank after a customer defaulted on a loan — not as part of an acquisition strategy. 1st Mariner Bancorp. declined to identify the customer who lost nearly 25 percent of Cecil Bancorp's total shares to 1st Mariner in a collateral claim on a bad loan. The only person with such a significant stake in Elkton-based Cecil is its chairman, Charles F. Sposato, according to regulatory filings.
BUSINESS
By Jamie Smith Hopkins, The Baltimore Sun | July 29, 2011
First Mariner Bancorp's bleeding increased during the second quarter as continued write-downs of real estate and bad loans left the Baltimore company with $11 million in losses. The 1st Mariner Bank parent, locked in a battle for survival, said Friday that its loss during April through June was more than double that of a year earlier. But the almost $4.7 million loss during the second quarter of 2010 would have been higher if not for a $3.8 million tax benefit during that period, the company said.
BUSINESS
By Eileen Ambrose, Lorraine Mirabella and Gus G. Sentementes, The Baltimore Sun | November 5, 2010
K Bank on Friday became the latest Maryland bank to fail after its board of directors — unable to turn around the finances or find a buyer — took the rare step of voting to turn over the Owings Mills-based institution to state regulators. Immediately after the regulator takeover, the bank's deposits and most of its assets were sold to regional rival M&T Bank. K Bank's seven branches will reopen Saturday as M&T Bank. This is the second failed Maryland bank taken over by M&T, which also purchased Bradford Bank in Towson last year.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | July 17, 2001
Provident Bankshares Corp. warned yesterday that its second-quarter earnings report will be delayed and the company will write off about $6 million in bad second-mortgage loans and another $1 million in interest on loans that it has already booked. The Baltimore-based banking company also said that it has identified $7 million worth of under-collateralized second-mortgage loans that could result in further write-offs. The company, which was scheduled to release second-quarter earnings tomorrow, postponed them until Aug. 6. "It is obviously a setback," said Peter M. Martin, chairman and chief executive of Provident.
NEWS
May 1, 2013
I am not a fan of former President George W. Bush, but I must comment on the hatchet job that was The Sun's editorial about the opening of the Bush library in Dallas ("Misoverestimating Bush," April 28). During the last two years of Mr. Bush's presidency both the Senate and House had Democratic majorities, and the policies enacted by that Congress led to the worst economic downturn since the Great Depression. The policy of forcing banks to give loans to people who could not afford them was pushed by Democratic Rep. Barney Frank and Sen. Chris Dodd.
NEWS
By Tricia Bishop, The Baltimore Sun | October 23, 2010
After two previous dismissals, the city has made a third attempt to sue Wells Fargo Bank, accusing the company of causing increased foreclosures in Baltimore through racist, predatory lending. The latest complaint, filed Thursday in U.S. District Court, contains 14 new paragraphs that purport to address concerns that led Judge J. Frederick Motz to dismiss the case twice before — namely a lack of evidence that the mortgage lender was responsible for housing vacancies and millions of dollars in associated damages.
BUSINESS
By Andrea K. Walker and Eileen Ambrose, The Baltimore Sun | July 9, 2010
Two Baltimore-area banks failed Friday in the latest sign that many financial institutions are still suffering from the fallout of the mortgage crisis, even as the economy has begun to recover. Regulators closed Bay National Bank and Ideal Federal Savings Bank — both reeling from bad loans — but were able to find a buyer for only one of the community banks. Bay National's deposits have been sold to a newly created thrift, Bay Bank of Lutherville. Bay National's two branches in Lutherville and Salisbury will reopen Monday, and customer accounts will automatically be transferred to the new Bay Bank, according to the Federal Deposit Insurance Corp.
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