MERCANTIL COMMERCEBANK POSTS EARNINGS FOR SECOND QUARTER 2008
Coral Gables, FL – July 20, 2008
Mercantil Commercebank, one of the largest privately held banks in South Florida, announced today its 2008 second quarter results reaching $ 6.0 billion in assets and $473 million in capital, representing an increase of 4 percent and 6 percent respectively from the close of the same quarter last year.
Loans reached $ 3.4 billion, a growth of 26 percent from June 2007. Customer deposits reached $ 4.7 billion, an increase of 5 percent over the same quarter last year. Net income for the second quarter 2008 was $ 4.4 million, compared with $11.5 million the same quarter last year. The Bank’s financial results were impacted by the loan reserves related to residential construction loans. The Bank’s exposure in this sector is only 7 percent of total assets.
“Our Balance Sheet remains strong with a high liquidity position,” said J. Guillermo Villar, President and CEO of Mercantil Commercebank, “We are well positioned to serve our customers with their credit needs as demonstrated by the 26 percent growth in the loan portfolio since June 2007 and the 13 percent growth so far this year.”
Period ended June 30 |
2008 |
2007 |
| Total Assets |
$6,035,797 |
$5,796,170 |
| Total Loans (gross) |
$3,441,270 |
$ 2,705,600 |
| Total Deposits |
$4,697,761 |
$4,472,080 |
| Capital |
$472,681 |
$446,076 |
| 2nd Quarter Earnings |
$4,370 |
$11,464 |
| 2nd Quarter Return on Assets |
%0.21 |
%0.87 |
| (numbers in thousands) |
ABOUT MERCANTIL COMMERCEBANK
Mercantil Commercebank N.A. is one of the largest privately held banks in South Florida serving its community for over 27 years. The Bank is a wholly owned subsidiary of Mercantil Commercebank Holding Corp., which in turn is owned by Mercantil Servicios Financieros, the largest provider of financial services in Venezuela, with more than 80 years of experience. Mercantil Commercebank has assets of $6 billion. The Bank is headquartered in Coral Gables, Florida, and has thirteen Banking Centers in South Florida; one in Manhattan, New York; and one in Houston, Texas. Mercantil Commercebank offers a wide variety of domestic, international, personal, and commercial banking services, including investment, trust, and estate planning through its subsidiaries, Mercantil Commercebank Investment Services, Inc. and Mercantil Commercebank Trust Company, N.A. For more information, please visit www.mercantilcb.com.
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