Newspaper article Sarasota Herald Tribune

Local Banks All in Black | It's the Third Time in Four Years in Second Quarter

Newspaper article Sarasota Herald Tribune

Local Banks All in Black | It's the Third Time in Four Years in Second Quarter

Article excerpt

SOUTHWEST FLORIDA

For just the third time in four years, all of Southwest Florida's community banks were profitable in the second quarter.

It also was the second straight quarter that all of the locally based lenders were in the black.

Six of the region's seven community lenders posted higher earnings over the year, while one came in even with 2015.

The long-struggling Bank of Commerce earned $983,000 in the April- June period -- the largest profit in its 16-year history -- but it was driven by several large recoveries from bad loans that were previously charged off.

The Sarasota-based bank also cut costs by vacating and subleasing the third floor of its downtown office and reducing space and renegotiating leases at other offices, president/CEO Charlie Murphy said Monday.

"We continue to see very positive financial occurrences which will assist us to obtain a more consistent earnings stream," Murphy said.

Bank of Commerce remains the region's only undercapitalized lender. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.