CommunitySouth Financial Corp. of Easley, the parent of CommunitySouth Bank & Trust, reported a staggering $18.3 million loss in 2009, it reported Friday.
The loss was substantially more than the $3.35 million deficit posted in 2008.
Chief executive Allan Ducker said in a press release that CommunitySouth’s management team recognized the signs of the downturn in 2008 and proactively began adjusting its strategic plan to better weather the challenging road ahead.
Given the results of the past year, one wonders if the company would have better off if management hadn’t “proactively began adjusting its strategic plan.”
During the quarter ended Dec. 31, the company lost $15.3 million, up from $2.4 million the previous year.
CommunitySouth was hurt by loan losses last year, setting aside $10.7 million for problem loans in the fourth quarter.
Stock in the company is trading at $1.25 a share.