For more information, contact:
Eric Skrum, Wisconsin Bankers Association, 608/441-1216, eskrum@wisbank.com
Seven out of eight banks make a profit compared to a year ago
(MADISON) – The health of the Wisconsin banking industry continues to improve, albeit slowly, according to numbers released by the Federal Deposit Insurance Corporation. Seven out of eight banks were profitable in the first quarter of 2011 compared to five out of six a year ago.
“Wisconsin banks have made great strides in working through the challenges of the past few years,” said WBA’s president/CEO Rose Oswald Poels. “Obviously there is more to be done, but the latest numbers show we continue to move in the right direction.”
Decreases in noncurrent loans and leases along with lower loan loss allowances are two of the strongest indicators that not only are Wisconsin banks recovering, but the consumers and businesses in the Badger State are generally in a stronger position to repay their loans than they were a year ago.
“This current trend is good for Wisconsin as a stronger banking industry is critical for continued economic growth and job creation,” explained Oswald Poels.
