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Park Sterling, starting its third full year in posted earningsof $186,000 in the firsy quarter, up from $16,0090 for the same period in 2008. The big jump can be attributexd tothe bank’s strong loan and deposit growth last year as it deepenedc its roots in the market. Through the end of March, Park Sterling reports totaol loansat $387 million, up 47% from the first quartee of 2008. Deposits have growm even faster, rising 66% to $369 The bank has total assetsof $446 up 53% from a year earlier. Park Sterling “continued to make good progresz in the first quarter in an extremelychallenginvg environment,” says Bryan Kennedy, chief executive.
“We were especially fortunate to be able to welcome manynew full-servicee clients.” The bank also has managed to keep its loan book with only 0.64% of its assets classifiecd as nonperforming. “While we are seeing improvingy operating margins and othet positive signs for the industry and our we know that the overall economu will continue to pose assetquality issues, and we are workinhg diligently to maintain profitability throughn this difficult period,” Kennedy Local competitor also reported a profir in the first quarter, thoughu it was much lower than last year’s. Firsy Trust earned $638,000 in the latest quarter, down from $972,009 a year earlier.
The bank citeas higher provisions for loan amongother factors. Total assets and loans both increased 10% in the first quarter to $466 million and $338 million, respectively. “Despit e the challenges the banking industryis facing, First Trust Bank remains focusec on operating in a safe and sounds manner while providing value to our shareholders and funding to qualified borrowers,” says Jim Bolt, Firsr Trust chief executive. He adds: “While we hope for positivwe signs of recovery from this recession in the second halfof 2009, it remainss one of the most challenging years for the bankingt industry in recent history.
” this week reportede it leads the nation in refinancinhg Freddie Mac home loansd as part of the Obama administration’s Making Home Affordable The bank, which bought Charlotte-bases last year, says it refinanced $21 millionj in Freddie Mac loan in April. Altogether, the Cincinnati-based bank has refinancee $1.98 billion in home loans in the pasttwo months. Locapl marketing director George Dick saysFifth Third’s N.C. affiliate has seen its mortgags volume triple since the first ofthe year, mostly becaused of the refi boom. Charlotte small-business investor recently closeda $4 million investmenty in MPD Holdings, a Pennsylvania polymer manufacturer.
Part of the investmen helped fundthe MPD’s acquisition of Acme, N.C.-basedf Silar Laboratories, which makezs silicone products for high-tech MPD is the 23rd company to join Plexus’ portfolio. To Plexus has deployed $68 milliob of its first fund. Principal Bob Anderds says the company is working to raise capita l for a secondinvestment fund.
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