Charlotte-based Bank of Commerce reported its third consecutive quarterly loss in the fourth quarter, posting an $847,000 loss as the bank continued to set aside money to cover loan losses.
The loss compares with a $1.3 million loss in the same time period last year, and a $737,000 loss last quarter.
In 2011, the bank's assets shrunk 15 percent as it took losses on foreclosed properties, charged off bad loans and put aside money to cover loan losses. Bank of Commerce's full-year loss was $1.8 million, compared with $1 million in 2010.
“In 2011 we continued to work diligently on improving asset quality by charging down balances on loans where repayment may be partially or fully dependent on the sale of real estate," CEO Wes Sturges said in a statement. "We remain well capitalized and are positioned to serve the borrowing needs of our small business customer in 2012."
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4 comments:
So much for all the banks being greedy.
As someone who has dealt with this bank for the past 4 years, I can tell you they are different than the mega banks. Their customer service is outstanding and they still use common sense when underwriting. I would highly recommend them. I am sad to see the losses, but will continue to support them as a customer.
And the hits keep on a coming.
Accounts receivable factoring (or invoice financing) has been around for centuries as a means for small and large businesses to obtain needed working capital while they wait for their customers to pay invoices.
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