Palmetto loss tops $115 million since 2009

Palmetto Bancshares, the Greenville-based financial services company that has struggled mightily over the past couple of years, registered another major loss during the quarter ended June 30.

The parent of Palmetto Bank lost nearly $9.6 million during the three-month period, up from a deficit of a little more than $8.5 million during the same period in 2010, according to information filed with the US Securities and Exchange Commission.

Palmetto officials attributed the loss to “continued costs associated with the elevated level of problem assets and writedowns resulting from depressed real estate values,” according to a company press release.

Over the past year, Palmetto has lost $15.6 million through the first half of 2011. That comes on the heels of a $60.2 million deficit in 2010 and a $40. million loss in 2009.

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