Losses Continue At First NH Banks

LONDON - The Bank of Ireland said it expects its U.S. subsidiary next month to report a $40 million pretax loss for the first half of 1991.

Louden Ryan said he anticipates Bank of Ireland First Holdings Inc., the holding company for First NH Banks in New Hampshire, to lose about as much in the second quarter as the $20.5 million it lost in the first three months this year.

The U.S. operation lost about $50 million in the first six months of 1990.

Mr. Ryan said at the Bank of Ireland annual meeting that management remains unsure about the timing of a "sustained recovery" in New Hampshire. "We are now of the view that general economic conditions and the state of property markets are still deteriorating."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.