USA Bank posts lower 3Q losses
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- November
- 19
USA Bank in Port Chester said it had lower losses in the third quarter and warned that near-term profitability would be “a major challenge.”
The commercial bank, founded in 2005, said it had a net loss of $118,000, or 2 cents a share, for the third quarter, compared to a net loss of $843,000, or 15 cents a share, in the comparable quarter a year earlier. Net interest income figures were not announced.
The bank said that total assets at the end of the third quarter grew 15 percent from the end of 2007, to $195.7 million. Deposits were up 24 percent from the end of 2007, to $151.9 million. The loan portfolio was up 40 percent from the end of 2007, to $149.6 million.
The bank said that its board of directors had negotiated a buyout of its administrative office lease at 800 Westchester Ave. in Rye Brook, and nearly all the staff would move to its Port Chester office. The rest will move to an office in nearby Greenwich, Conn.
This entry was posted
on Wednesday, November 19th, 2008 at 12:33 pm by Jerry Gleeson.
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Category: Banking, Earnings season, Office space, Real Estate, Uncategorized
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