Tuesday, January 24, 2012

Bank of Commerce posts $847,000 loss

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."


Anonymous said...

So much for all the banks being greedy.

Anonymous said...

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.

Anonymous said...

And the hits keep on a coming.

commercial factoring said...

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.

CBAC Funding said...

accounts receivable financing is an emerging trend to finance tiny weighing machine businesses and trade ventures of entrepreneurs all concluded the humanity. Residential and on the increase Countries are using this widely received economic transaction to help finance tiny weighing machine trade ventures and provide them with their much desirable money current rations before start-up capitals.
This economic practice desire allow a trade to be bought its invoices before accounts receivable to a third bash called the “factor” by the side of a discounted rate. The seller gets the financing in the field of the form of the money “advance” of the grip charge of the accounts and the balance in the field of the form of the “discount” before commission desire be present paid by the side of a soon go out with.

ceoworld.biz said...

Much of the justification for the investment in the Olympics has been the increased trade it will bring to UK PLC. If that’s true there could be many businesses out there over-stretching themselves – good in the long run but dangerous if the funds aren’t there to finance the increased level of business. Equally there could be businesses thinking – we’d love to take advantage of this but we just can’t afford to.