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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 Peter H. Frank | January 24, 1991
Bank Maryland Corp., the newly created parent of Bank of Maryland, returned to profitability during the fourth quarter last year, reporting slight income as the company rebounded at the end of an otherwise difficult year.The Towson-based company, with 13 branches in the state, said it earned $8,806, or less than 1 cent a share, in contrast to a loss of $1.4 million, or 74 cents a share, during the same period the year before.For all of 1990, Bank Maryland lost nearly $11 million, or $5.40 a share, compared with a loss of $1.3 million, or 70 cents a share, in 1989.
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 Peter H. Frank | March 16, 1991
Second National Federal Savings Bank, a struggling thrift based in Annapolis and Salisbury, said yesterday that it lost $5.5 million, or 80 cents a share, during last year's fourth quarter after making a large provision to its reserves for souring loans.The company, which has seen its portfolio of loans badly deteriorate in the past year, said that it added $10.5 million during the last three months of 1990 to its pool of funds used to cover the costs of bad loans. That compared with a similar addition of $555,000 for the same period a year earlier, when the S&L earned $2.4 million, or 32 cents a share.
BUSINESS
By BLOOMBERG NEWS | April 11, 2003
ATLANTA - SunTrust Banks Inc., the first of the 10 biggest U.S. banks to report first-quarter results, said yesterday that its net income climbed 8 percent as it cut bad loans and curbed expenses. The company's shares recorded their biggest advance in almost three years as net income rose to $327.8 million, or $1.17 a share, from $304.9 million, or $1.06 a share, a year earlier, the company said. Revenue slid about 1 percent. SunTrust's earnings gain helped send bank stocks higher because they signaled loan defaults are ebbing, investors said.
BUSINESS
By Bill Atkinson and Bill Atkinson,SUN STAFF | January 19, 1996
Crestar Financial Corp., which last month captured a chunk of Baltimore's banking market with the acquisition of Loyola Capital Corp., said yesterday that it earned a record $209.1 million for the year.Full-year earnings were up 14 percent from 1994 excluding nonrecurring merger charges associated with the Loyola acquisition, the company said.Crestar earned $55.6 million, or $1.28 a share, excluding the one-time charge of $29.3 million in the fourth quarter.Richard G. Tilghman, Crestar's chairman and chief executive, said the year was a success because the company completed five acquisitions and increased profits.
NEWS
By Knight Ridder News Service | March 5, 1993
WASHINGTON -- Ask investigators to name the best government computer systems and long silences are likely to follow. Ask for horror stories and the response is rapid.What follows are some of the worst cases cited by computer experts at the General Accounting Office, the House Government Operations Committee and agency inspectors general:* The Veterans Benefit Administration, concerned about taking an average of 151 days to decide whether a veteran was disabled, spent $94 million on a computer system to speed up claims.
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.
BUSINESS
By New York Times News Service | January 20, 1993
Five of the nation's 10 largest banks reported higher tha expected earnings yesterday, leading banking experts to say that the end is in sight for the banking industry's troubles with real estate loans.The billions of dollars of loans, most of them made in the late 1980s for office buildings and other projects,had seemed so shaky just two years ago that government officials, bank executives and industry analysts had issued dire warnings.They said the banking industry might be in danger of a rash of failures similar to those that had earlier plagued savings and loans, forcing a costly federal bailout.
BUSINESS
By BLOOMBERG NEWS | October 9, 2002
WASHINGTON - U.S. banks are saddled with more bad debts than at any other time in a decade, as cable and telecommunications companies struggle to repay loans, a federal report released yesterday shows. Of $1.9 trillion in bank loans and commitments, about 13 percent were classified in June as in default or unlikely to be repaid, according to a study by the Federal Reserve, the Federal Deposit Insurance Corp. and the Office of the Comptroller of the Currency. That's up from 9 percent a year earlier and marks the biggest proportion since 1992, when about 15 percent of commitments were listed as risky.
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