The Peoples Bank has announced the size of their Freddie write-off. The writeoff is small compared to the bank’s size and will not hurt them badly but the news has traveled this coast faster than the Gustav Jim Cantore rumor.
Here is the PR newswire press release courtesy of Yahoo Finance:
Peoples Financial Corporation (the “Company”) (Nasdaq: PFBX – News), parent of The Peoples Bank, today announced that it expects to record asset impairment losses as of September 30, 2008. These losses relate to a non-cash other-than-temporary impairment charge on its investment in Federal Home Loan Mortgage Company (“FHLMC”, or “Freddie Mac”) preferred shares and to a non-cash charge to provide for potential losses on loans. Continue reading “Wall Street Meets Lameuse Street”