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Three Maryland banks report sharp Q1 losses
Three of the region's largest banks First Maryland Bancorp Signet Banking Corp and Crestar Financial Corp all posted at least 45 percent drop in first quarter earnings ending March 31 compared to a year earlier Citing stalled markets real estate woes and higher loan loss reserves Signet added 47.5 million to reserves bringing nonperforming assets to about 328 million Crestar said troubled loans and foreclosed real estate rose 38 percent to 327 million with a 37.3 million reserve increase First Maryland attributed weaker results to a 24 million boost to loan-loss reserves while noting its overall performance remained solid within a challenging regional economy. Citicorp also reported an 81 percent decline in first quarter income.
MENTIONED IN THIS ARTICLE
Balti More
First Maryland Bancorp
Signet Banking Corp
Crestar Financial Corp
Althugh
Persian Gulf
Hais
Richard G. Tilghmzin
Crestar
Richmond
Tilghman
First Maryland
Maryland
First National Bank of Maryland
AIB Group
Charles W. Cole
Signet
Robert M. Freeman
Virginia
Washington