CHAMPAIGN – Central Illinois Bank's parent company has extended the time allowed for voting on its proposed reorganization plan.
CIB Marine Bancshares extended the voting period to Sept. 9 so holders of its trust preferred securities can give further consideration to the plan.
ST. LOUIS – Centrue Bank's parent company reported a $16.2 million net loss for the second quarter of 2009 and announced it will suspend cash dividends on its common stock.
St. Louis-based Centrue Financial Corp. said the results contrasted with the second quarter of 2008, when the company reported net income of $2.7 million.
CHAMPAIGN – Central Illinois Bank's parent company, CIB Marine Bancshares, on Friday reported a net loss of $10.35 million for the quarter that ended June 30.
That compares with a net loss of $14.03 million for the same quarter in 2008.
Three more area banks reported quarterly results in the past week, with one reporting a loss and two reporting profits.
Initial reports from area banks with publicly traded stock indicate most had profitable second quarters – though not nearly as profitable as last year.
Only two of the seven area banking companies that have announced second-quarter earnings reported net losses, and those were Regions Financial and First Busey.
CHAMPAIGN – First Busey Corp.'s management team in Florida will assess that market to see whether the banking company's business plan works there, company officials said.
Last week, Urbana-based First Busey reported a $20.5 million second-quarter loss. The company attributed much of it to loan problems in southwest Florida, where real estate values climbed sky-high before plummeting the last two years.
URBANA – First Busey Corp. reported a $20.5 million net loss for the second quarter of 2009 and indicated its woes in Florida are not over.
The loss, which amounted to 57 cents a share, was greater than what industry analysts had predicted for the Urbana-based bank holding company. Analysts had estimated a loss between 8 cents and 18 cents a share.
CHAMPAIGN – A quick glance at first-quarter results for area credit unions might give you the false impression that most are awash in red ink.
Twenty-five of 34 credit unions in East Central Illinois showed net losses for the quarter that ended March 31, 2009. But most of those losses occurred because the credit unions elected to realize a one-time expense in the first quarter.
Several area banks were recently cited as top performers by two national magazines on the basis of returns in 2008.
The ABA Banking Journal magazine listed the top 25 "non-Subchapter S" banks and thrifts with less than $100 million in assets, as determined by 2008 return on average equity.
Four banks in East Central Illinois were considered "undercapitalized" by federal regulatory standards as of March 31, according to statistics from bank call reports.
One of the banks, Strategic Capital Bank in Champaign, has since been placed in receivership by the Federal Deposit Insurance Corp., and its office has reopened as a branch of Effingham-based Midland States Bank.