Capital Corp. of the West, which last week warned that its future could be in doubt if it failed to raise capital, said late Monday that it had lost $54.6 million in the third quarter, compared to a profit of $6 million the year earlier.
The Merced, Calif., parent of County Bank attributed the loss to two noncash impairment charges, totaling $48.8 million, and an $11.5 million provision for loan losses.
The $1.8 billion-asset company has been trying to raise capital since hiring the investment bank Keefe, Bruyette & Woods Inc. in March but so far has been unsuccessful. It has also applied for capital through the Treasury Department's Capital Purchase Program.
It reiterated that its difficulty in obtaining capital raises "doubt about the company's ability to continue as a going concern."