BancTrust experiences income loss, but optimistic
Published 12:00 am Sunday, February 10, 2008
From staff reports
BancTrust Financial Group Inc. said Friday that net income for 2007 dropped by more than half, from $13.3 million in 2006 to $6.2 million, or from $1.17 per share to 49 cents a share.
The Mobile-based financial institution said several factors contributed to the drop &8212; a jump in non-performing loans, a deteriorating housing market and economic uncertainty in some of the bank&8217;s markets, particularly coastal Alabama and Florida.
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Still, company officials said they are optimistic about their strategies going forward and the fact that the bank&8217;s activities are not focused heavily on the coast.
BancTrust Financial Group Inc. is the holding company for BankTrust, which has corporate office in Selma.