Intervest of New York Swings to a Loss

Intervest Bancshares Corp. in New York reported a $661,000 net loss for the third quarter, compared with net income of $342,000 a year earlier.

The parent of Intervest National Bank attributed some of the loss to dividend payments to the Troubled Asset Relief Program. The $2.1 billion-asset company recorded a $1.8 million increase in the provision for losses from loans and real estate.

Despite a 4% increase, to $78 million, in its nonaccrual loans and troubled debt restructurings from the second to the third quarter, Intervest remains well capitalized by most measures.

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