Nation’s thrifts post small profit for 2009 as industry stabilizes
By APWednesday, February 24, 2010
America’s thrifts break even in 2009
WASHINGTON — America’s thrifts reported a small profit last year after two years of losses as the industry stabilizes amid a slow economic recovery.
The Office of Thrift Supervision says that savings and loans earned $29 million last year, after net losses of $15.9 billion in 2008 and $649 million in 2007.
Thrifts earned $505 million in the fourth quarter, the second profitable quarter in a row.
The number of troubled thrifts — those with low capital reserves and other problems — was unchanged at 43 in the October-December period, compared to the third quarter. Still, that is up from 26 a year earlier.
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