2Q when $55 Mil Flew South

The Birmingham Business Journal reports that, Irondale-based, New South Federal Savings Bank had losses of $55.4 million in the second quarter of 2009.

"New South Chairman Will Ratliff said the bank’s losses primarily stemmed from setting aside $47.2 million for soured loans and more than $9.2 million in write-downs on declining values of foreclosed real estate on its books.

“While these numbers are disappointing, they are not unexpected,” he said. “We knew we would experience some degree of additional loss as we continue to work through our plan for managing through the downturn in the real estate market.”

Read the full article here New South Federal posts $55M net loss in 2Q