Walter Pierce

OFI chief: La. banks sound

Louisiana’s chief financial regulator says the state’s banks aren’t experiencing the kind of problems plaguing the country’s largest financial institutions, noting that many are also out-performing their peers in other states, the AP reports.

“The best word would be sound,” Commissioner of Financial Institutions John Ducrest said in an interview. “Compared to some other parts of the country, our banks are in good shape.”

Only 6 percent of Louisiana banks posted an annual loss in 2008, compared to about 24 percent nationwide, Ducrest said.

Read the AP story here.