STAR Financial Bank reports record earnings for '08
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STAR Financial Bank announced record earnings for 2008 in a release issued late Tuesday afternoon.
Net income for the company stood at $14.0 million, up 25.5 percent compared to December 31, 2007, reflecting the best performance in the bank’s 65-year history. At year-end total assets increased 5.2 percent to $1.67 billion.
Total deposits grew 4.8 percent to $1.28 billion and total loans increased 10.1 percent to $1.31 billion at year-end 2008. STAR Financial Bank’s leverage, Tier 1 and risk-based capital ratios remain above the Federal Reserve’s “well capitalized” levels.
“The marketplace continues to be attracted to STAR. People want a bank that they know is safe and sound,” said President and CEO Jim Marcuccilli. “We continue to exercise discipline in our decisions,” he added.
Fourth quarter results reflected an increase in net income of 7.2 percent over the same period last year. Also in the fourth quarter, STAR Financial Bank opened its 46th office at the corner of 146th Street and Hazel Dell Parkway in Noblesville.
Comments
What a great piece of news on a cold, snowy day! Hopefully, more good news on the economic front will follow.
Posted by: Pat Heinbaugh | January 28, 2009 01:58 PM