Signs that our state's banking industry is undergoing a downsizing in 2014 were further confirmed today with the FDIC's latest figures showing a third straight quarter in which Louisiana lost more banks and earned less money.
Signs that our state's banking industry is undergoing a downsizing in 2014 were further confirmed today (Tuesday) with the Federal Deposit Insurance Corp.'s latest figures showing a third straight quarter in which Louisiana lost more banks and earned less money.
The report (check it out here) shows Louisiana is currently down to 140 banks after having lost six over the last two years either from buyout or closure, seen recently with the IberiaBank/Teche Federal deal. The third quarter - spanning July to September - also saw less earnings for the state's banks at $450 million - down $37 million from the same period in 2013 and $10 million from what was reported the year before that.
This marks the third straight quarter this year that Louisiana's banking industry has earned less than what was reported last year. This year's second quarter earnings were down $30 million from last year, while the first quarter saw a $10 million drop from the first quarter of 2013.
On a national level, however, the industry fared far better, with third quarter earnings coming in at $38.7 billion, which equals a 7.3 increase, or $2.6 billion jump from the year before.