Struggling Ariz.-based banks make headway
June 8, 2009
By MoneyAisle
According to the Arizona Republic, banks in Arizona have lost less money in the first quarter of this year, compared with the same quarter of last 2008. Losses this year were $66 million, compared with $139 million in 2008.
About 75% of banks in the state were unprofitable, compared with the national average of 22%. “Arizona’s banks have been hurt by the more severe real-estate downturn here, with job growth weaker in the state than nationally and bankruptcies rising at a faster pace.”
However, Tanya Wheeless, president and CEO of the Arizona Bankers Association stated, “But we’re seeing some encouraging signs.”