Tuesday, November 20, 2012

FNB United loses $4.7 million in third quarter

FNB United, the Asheboro-based parent of CommunityOne Bank, reported losing $4.7 million in the third quarter, an improvement over a $13.9 million loss it posted in the same time period last year

The bank said it worked off $15 million in problem assets in the quarter, reducing its total by 9 percent. FNB is also cutting costs by closing some branches and reviewing its vendors.

FNB United has been rebuilding after its marriage with Bank of Graniate and recapitalization last year as both banks were deeply troubled.