April 16, 2010
Profits Drop For Flagship's Parent Bank
By Brandon Butler
Quarterly profits for People's United Financial, parent company of Worcester's Flagship Bank, dropped more than 40 percent compared to the same time period last year.
People's, which is headquartered in Bridgeport, Conn., reported net income of $13.6 million for the first quarter of 2010. That compares with income of $24.9 million in the previous quarter and a drop from $24.2 million during the first quarter of 2009.
People's completed in February its acquisition of Financial Federal Corp., which is a financing and leasing group headquartered in Texas, which the bank said contributed to the decrease in profits.
The bank holds about $22 billion in assets.
WBJ Web Partners
Most Recent
Most Recent
0 Comments