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Monday, November 02, 2009
First State 3Q Earnings Off, Says Undercapitalized
By Darryl R. Isherwood
FOXBusiness
First State Bancorp (FSNM) posted wider third quarter losses on loss of interest income and expanding provision for bad debt.
First State, the parent company of First Community Bank said it was under capitalized as per its Tier 1 leverage ratio while First Community’s status fell to adequately capitalized.
First State said that under regulatory guidelines, it was prohibited from accepting, renewing, or rolling over brokered deposits except with a waiver from the Federal Deposit Insurance Corp. due to its capital status.
The bank has not received a waiver from the FDIC, First State said.
The announcement sent shares of the company plunging 36 percent.
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