Barton Eckert, Washington Business Journal
Hibernia, the New Orleans-based bank that agreed to be bought by Capital One Financial, reported its first quarterly loss in 13 years as hurricanes Katrina and Rita hurt borrowers’ ability to repay loans.
The third-quarter net loss came to $58.1 million, or 37 cents a share. A year earlier, Hibernia had net income of $76.5 million, or 49 cents. The bank put the storms’ total cost at $197.7 million.
For this complete story, please visit Capital One Buyout of Hibernia onTrack Despite Katrina Losses.
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