Bad loans sting Summit Bank

Summit Bank reported a fourth-quarter loss as a result of bad loans and reserve-building.

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Summit Bank posted a fourth-quarter loss of $372,000 after three quarters of rising earnings.

The Eugene-based bank was hurt by bad loans and having to direct more money into reserves to protect it from possible future losses.

These measures were taken in response to continued weakness in our local economy, particularly in the real estate market,” the bank said.

“We believe we have taken a cautious view of the local and regional real estate and economic environments,” CEO Ann Marie Mehlum said.

Read the full story at The Register-Guard.

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