TSFG sees assets fall 11% since 2007
07/22/2009
The South Financial Group remains the largest bank company headquartered in South Carolina, but it’s experienced major shrinkage over the past couple years.
According to information filed with the US Securities and Exchange Commission Tuesday, South Financial currently has nearly assets of nearly $12.6 billion. That compares with nearly $14 billion a year ago, and $14.2 billion at the beginning of 2007.
That decline represents a drop of 11 percent over the past 30 months.
Of course, the Greenville, SC-based financial services company has been doing its best to keep its head above water in the current economic downturn.
South Financial has lost nearly $750 million over the past six quarters, including $111.5 million during the three months ended June 30.
South Financial has been paring back wherever possible. During the most recent quarter, for example, it closed three branches and two other locations. It also sold its corporate airplane, according to the July 21 SEC filing.
Despite Tuesday’s post-market announcement of the company’s heavy second quarter loss, shares of South Financial finished higher Wednesday, up 6 cents to $1.11.
09/25/2009 at 5:39 pm
[...] deal gives First Citizens about $9 billion in assets and moves it considerably closer to $12.6 billion South Financial Group of [...]