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NEW JERSEY'S FINANCIAL INSTITUTIONS MADE MONEY IN THIRD QUARTER; COMMISSIONER CONNOR ISSUES CORRECTION TO FEDERAL DATA

 NEW JERSEY'S FINANCIAL INSTITUTIONS MADE MONEY IN THIRD QUARTER;
 COMMISSIONER CONNOR ISSUES CORRECTION TO FEDERAL DATA
 TRENTON, N.J., Dec. 19 /PRNewswire/ -- Commissioner Jeff Connor today announced a New Jersey Department of Banking analysis of data finding that commercial banks in the state made $69.0 million in the third quarter of this year, results which are in conflict with widely reported preliminary federal government figures which showed a $21.0 million loss for the industry.
 "Although the bottom line net loss of the industry for all three of the quarters of this year remains as the federal government reported it last week, results show that the industry made $69.0 million in the third quarter," Connor said. "This profitability trend should be welcomed news to banking consumers in New Jersey, and to our economy as we struggle to recover from this national recession."
 The New Jersey Department of Banking refined the preliminary federal figures, which were compiled and distributed by the Federal Deposit Insurance Corporation (FDIC), and discovered the discrepancy between the loss reported last week by the FDIC and the actual profit of $69.0 million. The discrepancy resulted when the losses of three commercial banks in the first six months of this year were incorrectly reported instead as losses for the third quarter, consequently inflating the third quarter results but not changing the overall year-to-date figure. The industry made $2.0 million in the first quarter of this year, lost $285.0 million in the second quarter, and made $69.0 million in the third quarter, for a total year-to-date loss of $214.0 million. As previously reported, state chartered commercial banks, which are regulated by the New Jersey Department of Banking, remain profitable with a total year-to-date profit of $74.0 million. National banks in New Jersey, which are regulated by the federal Office of the Comptroller of the Currency (OCC), have a total loss of $288.0 million for the first three months of this year.
 "Because of the condition of the economy, wary banking consumers, and the difficult time the financial institutions industry throughout the nation has experienced in recent years, I felt it was imperative that we set the record straight and reflect the fact that our banks have made, and not lost, millions of dollars in the third quarter," Connor said. "These days, a positive earnings trend is at least as important to note as losses." Connor said he expects the FDIC to issue its own revision in due course.
 /delval/
 -0- 12/19/91
 /CONTACT: Christopher W. Cooney of the State of New Jersey Department of Banking, 609-292-7001/ CO: New Jersey Department of Banking ST: New Jersey IN: FIN SU:


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Publication:PR Newswire
Date:Dec 19, 1991
Words:458
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