Bank Mutual’s earnings fall; PNC continues conversion of National City locations
Bank Mutual’s earnings fall
Brown Deer-based Bank Mutual Corp. reported first quarter net income of $2.1 million, or 5 cents per share, which was down from $7.2 million, or 15 cents per share, in the same period a year ago.
Michael Crowley Jr., chairman, president and chief executive officer of Bank Mutual, said, "The interest rate environment continues to challenge our performance as we structure our balance sheet for what we believe will be higher interest rates in the future. In addition, some of our borrowers continue to experience financial difficulty due to the lag effects of the recession."
Looking ahead, Crowley said, "Although it is difficult for us to predict when our earnings will return to a higher level, we remain confident in our strong capital and liquidity positions and we are optimistic that the loan portfolio will improve as the economy recovers."
PNC continues conversion of National City locations
The PNC Financial Services Group Inc. will execute the final phase of its conversion of National City Bank locations in Wisconsin on June 14.
Pittsburgh-based PNC announced it has successfully completed the largest phase of its National City Bank conversion with the addition of 1.5 million customers and 420 branches across Michigan and northern Ohio, including Cleveland, Akron and Toledo.
The branch locations opened as scheduled in the third of four phases that make PNC the nation’s fifth largest bank based on deposits and branches across 15 states. Previously, 2.9 million customers and 560 branches across five states (Florida, Indiana, Kentucky, Ohio and Pennsylvania) were successfully converted to PNC.
The final phase, effective June 14, involves 1.6 million customers and 390 branches in the remainder of Indiana, along with the states of Illinois, Missouri and Wisconsin.
"We remain on schedule to complete this conversion in June as a result of the teamwork among our employees in the combined company and their commitment to make this transition easy for our customers," said Thomas Whitford, PNC vice chairman and co-leader of the National City integration.