MIDDLETOWN, Conn. -- Farmers and Mechanics Bank lost $4? in the third quarter after taking a hit on the sale of real estate and increasing its provision for loan losses.
The bank lost $1.6 million on a sale of bad assets and increased its provision by $810,000.
Farmers' third-quarter loss compares with profits of $34,000 a year earlier.
For the first nine months of 1994, the $497-million-asset bank earned $242,000, versus a loss of $515,000 for the same period of 1993. The 1993 figures include $1.8 million in recognized deferred tax assets.
Nonperforming assets decreased 39% to $24.9 million, compared with $40.8 million at September 30, 1993.
