Magazine article American Banker

State-Chartered Banks in New York Report Decline in Operating Losses

Magazine article American Banker

State-Chartered Banks in New York Report Decline in Operating Losses

Article excerpt

NEW YORK -- New York state-chartered savings banks reported slightly reduced operating losses in the first quarter of 1984, according to the New York State Banking Department.

Aggregate net operating losses for state-chartered savings banks amounted to $55.6 million for the first quarter, down from the $60 million reported in the fourth quarter of 1983 and the $74.3 million reported for the first quarter of 1983.

The Bowery Savings Bank continued to lead all losers in the first quarter, although it reduced its net operating loss to $15.6 million compared with $28.5 million in the fourth quarter of 1983. Emigrant Savings Bank was second with a net operating loss of $9.2 million in the first quarter, compared with a loss of $10.3 million last quarter.

A state trade group, meanwhile, reported that New York savings banks last month continued to suffer decreases in their deposits. New York savings bank suffered a $682 million net decline in deposits and retail repurchase agreements in April 1984, according to the Savings Bank Association of New York State.

The association's members include some New York savings banks with federal charters. Some of the state's largest savings banks, such as Goldome and American Savings Bank, have federal charters. The state banking department's figures do not include federally chartered savings institutions. Fourth Consecutive Decline

It was the fourth consecutive outflow reported by the savings banks trade group in 1984. The decrease in April followed a $100.6 million decline in March and declines of $87. …

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