South Financial stock hits new low

The South Financial Group saw its stock hit an all-time low Wednesday, a day after posting its eighth straight quarterly loss.

Shares of the Greenville-based financial services company dipped as low as 44 cents before rebounding slightly later in the day. By day-end, TSFG was trading at 47 cents a share, still off 22 cents from Tuesday.

The company’s previous low had been 53 cents.

Late Tuesday South Financial reported a net loss of $736.9 million for 2009, compared with a net loss of $568.8 million the previous year.

For the fourth quarter, South Financial’s net loss was $193.9 million.

In the past year, South Financial has seen its total assets decline from $13.6 billion to $11.9 billion.

One thought on “South Financial stock hits new low

  1. Pingback: TSFG slips below 40 cents a share « The Cotton Boll Conspiracy

Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s