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Article: 3Q RESULTS: Amcore Loss Widens; Capital Seriously Low.(Community Banking)
- Article from:
- American Banker
- Article date:
- October 28, 2009
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Byline: Bonnie McGeer
Amcore Financial Inc. in Rockford, Ill., said Tuesday that it is significantly undercapitalized after a massive third-quarter loss.
In reporting the loss of $156.4 million - by far the largest of its seven consecutive quarterly losses - William R. McManaman, Amcore's chairman and chief executive officer, said in a press release that a stock offering would be unlikely to succeed but that it continues to pursue other options for raising capital.
He also said the $4.7 billion-asset company would seek help from new government programs. He did not specify the programs, and it was unclear what he might have in mind.
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