Flagstar Bancorp and Popular Inc -- Struggling Banking Stocks Looking for Momentum
November 28 2011 - 8:16AM
Marketwired
Regional US and Puerto Rican banks have performed poorly this year
due to high debt levels, low interest rates and several global
macroeconomic factors. Companies in the sector are looking for ways
to become leaner in a period when loan growth is limited and fee
revenue has been cut back by regulations. Some banks are trimming
their workforces and streamlining systems to try and maintain their
bottom lines. The Bedford Report examines the outlook for companies
in the Regional Banking sector and provides equity research on
Flagstar Bancorp, Inc. (NYSE: FBC) and Popular Inc. (NASDAQ: BPOP).
Access to the full company reports can be found at:
www.bedfordreport.com/FBC www.bedfordreport.com/BPOP
After years of strong growth for the past two decades Puerto
Rico's economy has declined as other countries in the Caribbean and
Latin America have lured away manufacturing and tourists. Popular
Inc. has seen significant losses in the past 52 weeks. Banks like
Popular have been hurt by the weak Puerto Rican market, low
interest rates and the presence of too many banks in the region.
Some smaller banks in Puerto Rico may look to merge or consolidate
in order to survive amongst the larger banks in the over banked
region.
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In the United States, Popular has established a
community-banking franchise through Banco Popular North America,
delivering financial services across 96 branches in New York, New
Jersey, Illinois, Florida and California and through its online
banking platform. Popular, Inc. reported net income of $27.5
million for the quarter ended September 30, 2011, compared with net
income of $494.1 million for the quarter ended September 30,
2010.
Flagstar Bank reported a third quarter 2011 net loss applicable
to common shareholders of $(14.2) million, as compared to a second
quarter 2011 net loss of $(74.9) million and a third quarter 2010
net loss of $(22.6) million. During the third quarter, the Bank
announced it had entered into separate agreements to divest its
27-branch Georgia and its 22-branch Indiana retail bank franchises,
with PNC Financial Services Group and First Financial Bancorp,
respectively.
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