Percentage of unprofitable banks rises in Virginia
- August 28, 2009
The percentage of unprofitable Virginia banks rose during the second quarter, according to the Federal Deposit Insurance Corp.
The FDIC reported that 29.52 percent of 105 Virginia commercial banks were in the red on June 30, up from 20.9 percent at the end of the first quarter and 17.65 percent at end of the second quarter in 2008.
The banks posted a total year-to-date loss of $44 million, according to the report.
Nationally, 26.5 percent of all commercial banks posted losses during the quarter.
In states around Virginia, the figures were:
• Kentucky: 12.22 percent of 180 banks
• Maryland: 30.77 percent of 52 banks.
• North Carolina: 46.75 percent of 77 banks.
• Tennessee: 30.44 percent of 181 banks.
• West Virginia: 8.2 percent of 61 banks.