First Trust Bank's third-quarter profits up 2%
First Trust Bank on Thursday reported third-quarter profits of $1.15 million, up 2 percent over the year.
The Charlotte bank's assets climbed 10 percent, to $439 million. Chief executive Jim Bolt noted how his bank has no exposure to subprime mortgages or to preferred shares in Fannie Mae and Freddie Mac – two issues that have plagued many larger firms. “Considering the overall economic situation, we are especially pleased with these results,” Bolt added.
First Trust is a commercial bank that targets small- to medium-sized businesses and professionals. It has five offices.