PETERBOROUGH, N.H. - Primary Bank has announced plans to accelerate the disposition of a significant part of its nonperforming assets.
Primary's board has authorized management to add $1.7 million to the allowance for losses and $1.6 million to real estate reserves. The combined reserve of $3.3 million, equal to about $1.64 per share, is expected to reduce yearend results for 1995, according to a press release.
Currently, Primary has about $8.1 million in bad loans and about $4 million in foreclosed real estate, but officials hope to reduce lower-grade credits to less than 1% and cut the real estate total to less than $1 million by the end of 1996.
Primary is a state-chartered stock savings bank, with eight full-service branches and limited-service offices in three New Hampshire counties.