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Article: Arcadia Financial Sees Quarterly Profits Fall 77 Percent.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- January 30, 1998
CopyrightCOPYRIGHT 1998 Knight-Ridder/Tribune Business News. 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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By Mike Hughlett, Saint Paul Pioneer Press, Minn. Knight Ridder/Tribune Business News
Jan. 30--Bloomington-based Arcadia Financial, capping a grim 1997, said Thursday its fourth-quarter profits fell 77 percent, courtesy of a slowdown in loan growth.
Arcadia, an auto lender, posted fourth-quarter earnings of $4 million or 10 cents per diluted share, down from $17.4 million or 45 cents per diluted share for the same period a year ago.
The company met analysts' expectations, but those expectations had been lowered by Arcadia's announcement in early December that loan volume would be less than expected.
That disclosure was ...