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Article: First NH posts $30 million loss; announcement follows victory in FDIC bidding. (First NH Bank)
- Article from:
- American Banker
- Article date:
- October 15, 1991
- Author:
CopyrightCOPYRIGHT 1991 SourceMedia, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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First NH Posts $30 Million Loss
Announcement Follows Victory in FDIC Bidding
One day after winning a spirited bidding contest for two failed New Hampshire banks, First NH Banks announced a sobering third-quarter loss of $30 million.
The poor results, whose severity surprised analysts, followed the company's announcement that it plans to cut costs by 40% over three years at Amoskeag Bank and Bankeast, the two companies purchased Thursday from the Federal Deposit Insurance Corp.
Beat Out 2 Profitable Banks
First NH Banks, a subsidiary of Bank of Ireland, won the bidding over KeyCorp of Albany, N.Y. and Fleet/Norstar ...