"Anybody driving along Route 1 in Portsmouth NH this morning couldn't help notice a large banner being held in front of the new fire station that is under construction. The message on the banner pointed readers to website called anyonebutkalvin so that local tax payers could find out how their taxes are feeding the underground economy. Can this be true? A publicly funded project that the local taxpayers fund, associated with the ?? Underground Economy??? How can this be possible and what exactly does this mean?"
First Trade Union Bank , a full-service bank with offices in Massachusetts, Rhode Island, and New York, recently reported earnings for the three months ended September 30, 2009.
First Trade reported net income of $1.4 million for the three months ended September 30, 2009, a 137.8% increase over the comparable time period last year. Total interest income was reported at $9.4 million, a 27.6% increase over the comparable time period last year. Net interest income before provision expense of $6.1 million represented a 47.9% increase over the comparable time period last year.
Total operating expenses were reported at $4.0 million for the three months ended September 30, 2009. This represented a 43.6%, or $1.2 million, increase over the comparable time period last year. This increase can be mainly attributed to a one-time FDIC assessment of $350 thousand, an increase in employee salaries and benefits, and increased legal and professional services expenses.
Total assets of $690 million as of September 30, 2009 represented a 29.4%, or $157 million, increase over the comparable time period last year. Total loans and total deposits grew 26.4% and 39.5%, respectively, as of September 30, 2009, when compared to the same time period in 2008. Asset quality remained strong, as the Bank reported annualized net charge-offs of 0.07% for the three months ended September 30, 2009. First Trade continues to remain well-capitalized under all regulatory definitions.
??We are proud of our accomplishments in the third quarter of 2009,?? said Michael A. Butler, First Trade??s President & CEO. ??Our client-focused approach to banking has allowed us to achieve some success despite less than optimal economic conditions.??
About First Trade Union Bank With assets over $690 million, First Trade Union Bank is a well-capitalized community bank offering a full complement of business and consumer products and services. First Trade has a long-standing reputation for middle market, small business, unions and government entities as its core clients. They have a profound understanding of their role in the business community: to provide a complete offering of products and services that respond to the needs of their clients, delivered in a way that encompasses the highest level of personal service in-person, online, or by phone. First Trade is deep in category experience and committed to providing the attentive service that today's businesses and consumers require. First Trade also offers 24-hour ATM service, telephone banking, and the most advanced technologies in internet banking for consumer and business customers. Customers can readily access traditional, personalized branch banking at their offices in Boston, MA, Warwick, RI and Hauppauge, NY. First Trade maintains its corporate offices in Boston, MA. First Trade is a member of the Federal Deposit Insurance Corporation and is an Equal Housing/Equal Opportunity Lender. For further information call 800-242-0272 or visit the Bank's website at www.ftub.com.