Towne Bancorp (TWNE) Announces Q3 Earnings

Towne Bancorp (OTCBB: TWNE), the holding company for Towne Bank of Arizona (TBA), reported a net loss of ($1.779)M or ($1.10) per diluted share for the quarter ended September 30, 2009, compared to a loss of ($2.181)M or ($1.35) per diluted share for the quarter ended September 30, 2008.

This is an improvement over the same period of 2008 and significantly better than the ($9.332) reported for the quarter ended June 30, 2009. The primary reason for the loss in the period ended September 30, 2009 continues to relate to the very high level of non-performing assets held by TBA.